For decades, Europe’s wealth was measured in gold and bonds. Now, two of its largest economies are preparing to add something new to their strategic vaults.
This marks the first serious attempt by major European countries to treat BTC as a sovereign asset.
France’s initiative came first and with remarkable detail.
Together, these initiatives signal something unprecedented and the start of a European Bitcoin reserve race. This could reshape the continent’s monetary identity and challenge the dominance of gold in national asset allocation.
Germany’s motion draws directly from central bank reserve principles.
It suggests that Bitcoin’s decentralized issuance and predictable supply make it a natural complement to gold, particularly as European economies grapple with persistent inflation and a weakening euro.
Moreover, Bitcoin characteristics reflect broader themes of monetary sovereignty and technological progress, positioning the asset as a long-term reserve capable of insulating national balance sheets from systemic shocks.
On the other hand, France’s approach is more ambitious and institutional.
Ciotti’s UDR party proposes creating a Bitcoin Strategic Reserve under the Finance Ministry’s oversight.
The plan would see France accumulate 420,000 BTC between 2025 and 2032 through a gradual, dollar-cost-averaged acquisition strategy. The approach is designed to reduce volatility risk while strengthening national sovereignty.
Under the plan, funding for the accumulation would be sourced through four main channels:
The bill aims to build a national “digital gold” reserve. This diversified, non-correlated hedge would be intended to reduce France’s dependence on the dollar while modernizing its asset composition.
The timing is not coincidental. Both Germany and France are facing heightened fiscal pressures, energy dependencies, and currency volatility within the eurozone.
For their policymakers, Bitcoin offers a symbolic and potentially practical tool for financial autonomy in an era of geopolitical uncertainty.
For AfD, the initiative aligns with its broader nationalist message of reducing reliance on the European Central Bank and asserting control over domestic reserves. For France, the framing is more pragmatic and focuses on integrating Bitcoin into state holdings as part of the digital transformation of finance.
The dual proposals also highlight a deeper philosophical divide inside Europe.
On one hand, technocratic policymakers in Brussels continue to view cryptocurrencies through the lens of regulation and risk.
“The core thesis of Bitcoin is being confirmed. The world is slowly rotating toward scarcity, ownership, and sovereignty.”
For much of the past century, gold served as the ultimate hedge against inflation and currency devaluation. Central banks held it for profit and as symbolic insurance of their proof of solvency and independence. Bitcoin now occupies a similar narrative space.
Unlike fiat reserves, BTC cannot be debased or seized by foreign powers, and its finite supply makes it a potential inflation hedge for states managing ballooning debt.
Moreover, its on-chain verifiability offers a transparency advantage that traditional reserve assets lack.
If France were to follow through on its plan to acquire 420,000 BTC, it would instantly become the largest sovereign holder of Bitcoin, surpassing all corporate treasuries and even the US government’s seized holdings. At current prices, that allocation would be worth more than $25 billion or roughly equivalent to 15% of France’s gold reserves.
Such accumulation could also influence Bitcoin’s macro-liquidity profile. Even a 1–2% allocation by G20 nations could absorb millions of BTC from circulation, tightening supply and potentially catalyzing a long-term price revaluation.
Yet the strategic benefits come with familiar risks of market volatility, custody security, and the political optics of holding a digital asset often associated with retail speculation.
