2024 has proven to be a year of cryptocurrency exchange-traded funds (ETFs) and institutional adoption. And amidst this adoption has emerged a trend of governments discussing placing Bitcoin in national/state/local reserves.

Donald Trump kicked things off at the Bitcoin conference when he promised to make the United States a leader in cryptocurrency and that the country would buy Bitcoin to add to its national reserves. Brazil was another country that followed a similar path, as did Russia and Poland to varying degrees.

There are also cities embracing Bitcoin, such as Vancouver, Canada, which recently made progress in adding BTC to its city coffers, and the Swiss city of Bern, which is exploring Bitcoin mining.

Some analysts believe that we will see much more of this happening in 2025 as Bitcoin gains ground and governments add it to their reserves.

While they didn’t name any specific countries, they said in their 2025 predictions that “2025 will mark the transition from speculation to utility as the underlying technologies of cryptocurrencies become an integral part of global financial and operational systems.”

Trends likely to shape the industry include tokenization, stablecoins and decentralized finance (DeFi), as well as decentralized physical infrastructure networks (DePIN).

Switzerland says yes, Japan says maybe

Meanwhile, the Swiss Federal Chancellery has approved a proposal called the Bitcoin Initiative.

Launched on December 5, 2024, the initiative aims to amend the constitution to require the central bank to include Bitcoin in its reserves, citing its potential to enhance financial stability and sovereignty.

After checking for compliance with the law and collecting the necessary signatures, the proposal now awaits further consideration by the Federal Assembly before it can be put to a national referendum.

In Japan, things are a little different. After Japanese lawmaker Satoshi Hamada suggested his country consider adding Bitcoin to its national reserve, Prime Minister Shigeru Ishiba subsequently rejected the request, at least for now.

Ishiba said the government doesn’t have a good enough understanding of what other countries (including the U.S.) are planning for Bitcoin reserves.

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