While geopolitical and economic uncertainty pushes many states to reconsider the composition of their reserves, Sweden could well cross a CAP and make BTC a strategic reserve asset. Could this, still marginal approach mark the beginning of a discreet turn in the management of public treasurys?
Bitcoin soon alongside gold reserves and currency in Sweden
A member of the Swedish parliament recently proposed to build a Bitcoin strategic reserve alongside the gold and currency reserves that Sweden already has.
The Swedish deputy Rickard Nordin sent an open letter to the Minister of Finance, Elisabeth Svantesson, inviting him to consider the adoption of Bitcoin as a national reserve asset. A written question that will be renewed by one of his colleagues, Dennis Dioukarev, only a few days later.
Today i submitted a question to the swedish minister of finance @Elisabethsvan regarding A Strategic Bitcoin Reserve for the CentralBank. pic.twitter.com/wogil1camj
– Dennis Dioukarev (@dennisdioukarev) April 14, 2025
The deputy underlines the fact that many countries have been wondering for several months about the possibility of integrating the BTC into their exchange reserves and that in a period characterized by geopolitical and economic uncertainty, it is a strategy that deserves reflection.
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Sweden interviews a conservative exchange reserve tradition explains the latter, a strategic invariant that can be reinforced by a currency which is “being” A guard and a cover against inflation ».
Beyond this aspect, Rickard Nordin highlights in his letter several major assets of Bitcoin, in particular his resistance to censorship and his potential as a means of payment.
Aware of the difficulties that this can represent on the budgetary plan, he wishes to reproduce what the United States has done: transfer the BTC seized by the authorities such as customs or the police, to the Swedish central bank.
This approach makes it possible to constitute a neutral reserve from a budgetary point of view, without requiring the allocation of public funds or the direct purchase of Bitcoin, explains the deputy.
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Bitcoin: the new silent obsession with Nordic countries
Sweden is not an exception since without quoting the United States or Salvador, other countries that share economic, institutional and monetary characteristics, seem to question this strategy.
This is particularly the case of Norway which, although it does not directly hold Bitcoin, is exposed to it indirectly via its sovereign fund (the Government Pension Fund Global, one of the most powerful in the world) through participations in companies such as Strategy, Tesla or Block.
This could also be the case of Finland which has already seized 1,800 BTC during a drug trafficking operation in 2016. These BTCs were kept several years before being finally sold in 2022, after having defined a secure management framework for digital assets.
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Finally, Switzerland is the perfect example of a country that is cautious about its reserves and is part of a policy of geopolitical neutrality, but which is open to innovation through its very developed crypto ecosystem. Some Swiss cantonal banks offer BTC child care, which could facilitate future integration into institutional reserves, even if it is not yet the case.
All these countries share a culture of budgetary prudence, a rigorous institutional framework, and a strong capacity for technological adaptation. This fertile terrain offers a low-risk experiment, especially if integration is done gradually through legal entries as did the United States and as Swedish deputies proposed in the 2 open letters.
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Source: Open letter from Richard Nordin; Open letter from Dennis Dioukarev
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