Sovereign ‘gold rush’ for Bitcoin imminent: Expert

Hex Trust CEO Alessio Quaglini stated that US adoption of Bitcoin at a time of market euphoria would spark a global race to secure some of the asset’s 21 million supply.

Quaglini said during a CNBC interview that Bitcoin (BTC) breaking the $100,000 psychological barrier marks the beginning of its institutional phase, following earlier technological advancements and a retail boom after exchanges were established.

He predicted that mass sovereign demand for BTC would push the cryptocurrency to even higher levels. Quaglini predicts fierce competition among the world’s 195 countries after Bitcoin gains widespread acceptance in the US

Trading data shows that 75% of BTC’s circulating supply is inactive, highlighting current buyers’ long-term holding strategies. This shortage could trigger “fear of missing out among countries aiming to acquire $2 trillion in crypto assets.”

Bitcoin reserve race

Quaglini’s words align with the sentiments of industry executives and analysts who believe that Bitcoin adoption in the US eliminates ongoing reputational risks around the cryptocurrency.

Nominations such as Paul Atkins to head the Securities and Exchange Commission and news of a cryptocurrency czar in the White House have further fueled BTC’s optimism for a Trump 2.0 administration. As President-elect Donald Trump and American policymakers move to build strategic reserves, sovereign governments have increasingly turned to BTC.

Member of the House of Representatives Eros Biondini proposed allocating 5% of Brazil’s national foreign investment treasury to BTC. In Russia, President Vladimir Putin described Bitcoin as unstoppable and censorship-resistant. The country has legalized BTC as property and standardized crypto mining.

Polish presidential candidate Sławomir Mentzen has promised to establish a national BTC reserve if elected, crypto.news reported in November.

The Bitcoin “gold rush” predicted by Quaglini may have begun its first round before 2025, and local jurisdictions may also join the jockey. Previously, Satoshi Act Fund founder Dennis Porter said that more than 10 US states are moving towards BTC reserve laws. Vancouver Mayor Ken Shim also offered to buy BTC from the city’s treasury.