U.S. Bitcoin adoption will ignite a global race to secure portions of the asset’s 21 million supply, Hex Trust CEO Alessio Quaglini stated amid market euphoria.
Quaglini said during a CNBC interview that Bitcoin’s (BTC) surge past the $100,000 psychological barrier marked the beginning of its institutional phase, following earlier technological advancements and the retail boom after exchanges became established.
He predicted that mass sovereign demand for BTC would drive the cryptocurrency to even greater heights. Quaglini foresees fierce competition among the world’s 195 countries once Bitcoin gains widespread acceptance in the U.S.
Trading data shows that 75% of BTC’s circulating supply is inactive, highlighting long-term holding strategies by current buyers. This scarcity could trigger “fear of missing out among nations aiming to acquire the $2 trillion crypto asset.
Bitcoin reserve race
Quaglini’s remarks align with sentiments from industry executives and analysts who believe U.S. Bitcoin adoption has dispelled lingering reputational risks around the cryptocurrency.
Nominations like Paul Atkins for Securities and Exchange Commission chair and news of a crypto czar post in the White House have further fueled BTC optimism for a Trump 2.0 administration. Sovereign governments increasingly looked toward BTC as President-elect Donald Trump and American policymakers moved to create strategic reserves.
Chamber of Deputies member 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 nation legalized BTC as property and has standardized crypto mining.
Polish presidential candidate Sławomir Mentzen pledged to establish a national BTC reserve, if elected, as crypto.news reported in November.
The Bitcoin “gold rush” foreseen by Quaglini may have begun its first lap before 2025, and local jurisdiction could join the jockey. Previously, Satoshi Act Fund founder Dennis Porter said over 10 U.S. states advanced toward BTC reserve laws. Vancouver Mayor Ken Shim also submitted a bid to buy BTC with the city’s treasury.
