The Bitcoin Race Is On: Russia, Abu Dhabi, El Salvador, Bhutan - All Trying to Buy Bitcoin

On March 20, investor and entrepreneur Anthony Pompliano stated on Fox News, “There’s a global race going on–Russia, Abu Dhabi, El Salvador, Bhutan–all these other

Investor and entrepreneur Anthony Pompliano stated on March 20 on Fox News, “There’s a global race going on–Russia, Abu Dhabi, El Salvador, Bhutan–all these other countries are trying to buy Bitcoin… the same way that there was a space race there’s now a Bitcoin race.”

The idea of a Bitcoin “race” is now a reality as world leaders actively discuss the urgency of either establishing digital asset reserves or, in some cases, introducing cryptocurrency as legal tender.

El Salvador, in 2021, became the first country to declare Bitcoin legal tender, purchasing over 2,000 Bitcoin as part of a national reserve to foster financial inclusion and economic growth. The move has been both celebrated and criticized due to Bitcoin’s volatility. Similarly, in 2022, the Central African Republic became the second country to adopt Bitcoin, viewing the cryptocurrency as a tool to improve economic development and financial inclusion in one of the world’s least developed nations.

Both countries’ actions reflect growing interest in Bitcoin as an alternative financial strategy. It’s hard-capped at 21 million, and in 10 years, most of it will be mined.

The theory is that the countries considering Bitcoin a valuable reserve asset will strive to establish as much ownership of the total BTC supply as possible.

Those who will be quickly named in this case are the U.S., China, the U.K., and Ukraine, according to BitBo’s Bitcoin Treasuries page.

As of March 2025, these four countries are estimated to hold the largest amounts of Bitcoin. However, it’s important to note that these figures are based on estimates and reports, and the actual holdings of these countries may vary.

Moreover, several corporations are capable of competing with leading nations in terms of Bitcoin dominance. Notably, Strategy (previously MicroStrategy) and asset manager BlackRock are among the world’s biggest Bitcoin holders. Both firms are estimated to own or manage around 500,000 Bitcoins (over 2% of the total supply).

Many countries opt out

European countries have been cautious and innovative in their interactions with blockchain solutions. For instance, Estonia is one of the world’s pioneers in adopting blockchain for elections and healthcare data management. However, the EU countries take a conservative stance when it comes to crypto. A coinvoice report says that European countries are skeptical of cryptocurrencies as part of their national reserves due to the high volatility and low liquidity of digital assets.

Switzerland, South Korea, Japan, and other countries also seem unbothered by America’s passion for winning in the Bitcoin musical chairs game. Germany went so far to sell thousands of Bitcoin.

Crypto.news asked Genius Group (NYSE: GROUP), a company that has been using Bitcoin as a corporate reserve since 2021, how they time the market.

“As fundamental believers in the long-term potential of Bitcoin, we don’t try to time the market, but rather buy and hold with the intention of never selling,” a spokesperson responded.

Let’s assume the so-called Bitcoin race exists, as Pompliano described it. If we compare it to space or the Manhattan Project, we must ask ourselves: Were the countries that didn’t have spacecraft or atomic weapons in the 20th century left with nothing?