"G20 members may also build bitcoin reserves this year… Japan, Germany among the likely candidates"

Speculation has emerged that at least three Group of 20 (G20) countries could move this year to build state-level reserves of bitcoin (BTC).

According to Cointelegraph on the 15th (local time), Swiss-based crypto bank Sygnum said in a report released that day, "At least three G20 countries—or economies of comparable scale to the G20—will publicly add bitcoin to their national foreign-exchange reserves this year."

What Sygnum focused on was the crypto market structure bill (the Clarity Act) currently being discussed in the U.S. Senate. Sygnum said it believes the likelihood of passage of the Clarity Act and other crypto-related bills in the United States could provide a clearer legal framework for other countries.

Sygnum cited Japan, Germany, Hong Kong and Brazil as countries with a high likelihood of building bitcoin reserves. It analyzed that "early adoption of bitcoin is more likely in countries with a fiscally pragmatic stance or those experiencing a severe currency crisis." In fact, Brazil’s lower house reviewed a bitcoin reserve bill in August last year. Hong Kong’s Legislative Council also held discussions on bitcoin reserves in late 2024.

The view is that some countries could allocate up to 1% of their total foreign-exchange reserves to bitcoin. Sygnum said, "(Even at 1%,) the impact would be very significant," adding that it "could lift bitcoin’s share of the global store-of-value (SoV) market from about 6% today to as high as 25%."