The aim of the present paper is to analyze the economic and geopolitical implications of the establishment of a national strategic reserve in Bitcoin by the United States of America for the international crypto market. The decision can be qualified as an unprecedented move that has the potential to redefine the architecture of the international monetary order. Starting from theoretical premises regarding the role of digital assets in reserve policies, the article follows Bitcoin’s transition from a speculative asset to an institutionally recognized strategic instrument. A mixed methodology is used, combining comparative-historical analysis, examination of public policy documents, evaluation of financial data and secondary specialized literature. It is argued that the legitimization of Bitcoin as a reserve asset, through the executive order EO-14233/2025, may generate a contagion effect on the global cryptocurrency market. In the same time, it can consolidate its status and influence the strategies of other states. At the same time, the associated systemic risks – high volatility, technological vulnerabilities, legal uncertainties and reputational impact – are discussed. Lastly, the implications of using an executive mechanism instead of a legislative initiative are also analyzed. The article argues that this type of policy decision represents not only an innovation in national monetary policy, but also a geopolitical signaling gesture.

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The Economic and Geopolitical Implications of a U.S. National Bitcoin Reserve on Global Crypto Markets: Theoretical Underpinnings

  • Cristina Carata,
  • William J. Knottenbelt

摘要

The aim of the present paper is to analyze the economic and geopolitical implications of the establishment of a national strategic reserve in Bitcoin by the United States of America for the international crypto market. The decision can be qualified as an unprecedented move that has the potential to redefine the architecture of the international monetary order. Starting from theoretical premises regarding the role of digital assets in reserve policies, the article follows Bitcoin’s transition from a speculative asset to an institutionally recognized strategic instrument. A mixed methodology is used, combining comparative-historical analysis, examination of public policy documents, evaluation of financial data and secondary specialized literature. It is argued that the legitimization of Bitcoin as a reserve asset, through the executive order EO-14233/2025, may generate a contagion effect on the global cryptocurrency market. In the same time, it can consolidate its status and influence the strategies of other states. At the same time, the associated systemic risks – high volatility, technological vulnerabilities, legal uncertainties and reputational impact – are discussed. Lastly, the implications of using an executive mechanism instead of a legislative initiative are also analyzed. The article argues that this type of policy decision represents not only an innovation in national monetary policy, but also a geopolitical signaling gesture.