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The Swedish Democrats have recently entered the conversation on integrating cryptocurrency, specifically bitcoin (BTC), as a national reserve asset, echoing moves already under discussion within the U.S. government. On the 14th of April, MP Dennis Dioukarev, a member of the Riksdag, and MP Rickard Nordin, sent a letter to Finance Minister Elisabeth Svantesson, asking whether “the government [had] considered the possibility of allowing the Riksbank to include bitcoin in Sweden’s currency reserves, and will the minister and the government take action to provide the Riksbank with such an opportunity?” While the Swedish government is traditionally conservative in its choices of assets for a currency reserve, consisting mainly of foreign currencies and gold, Dioukarev argues that there is a place for bitcoin given its likeness to gold.
In this article, we delve a little deeper into why the Swedish Democrats want a national Bitcoin strategy and what it would entail, why bitcoin is considered by many as a safe haven, and how the U.S. conversation regarding the country’s Strategic Bitcoin Reserve is evolving.
Why do the Swedish Democrats want a national Bitcoin strategy?
As Bitcoin gains significance, popularity and space in global political discussions, the Swedish Democrats have spotted an opportunity for Sweden to follow in the footsteps of the U.S. and leverage seized bitcoin assets. In his letter, MP Dennis Dioukarev suggests that Sweden could begin accumulating BTC through confiscated crypto assets held by law enforcement. This approach would allow Sweden to build a bitcoin reserve without spending any taxpayer funds, and offer a neutral method through which to diversify national reserves. Dioukarev is not alone in his thinking. Czech National Bank Governor Aleš Michl has also advocated for diversifying his country’s foreign reserves by investing in Bitcoin, strengthening the conversation around integrating cryptocurrency as a tool for national asset diversification.
The Swedish government has not yet issued an official response to Dioukarev’s proposal, indicating that there are no imminent plans to make their strategy any more crypto-friendly. The silence may be due to Sweden’s customary caution surrounding the country’s crypto regulation measures, which have recently included increased scrutiny of crypto exchanges and mining operations. Despite the silence, the Sweden Democrats have brought the idea of a national bitcoin reserve into the public discourse, which will nonetheless raise awareness about the opportunity, and incite national discussions that could lead to solid action.
Why is bitcoin considered a safe haven asset?
For years, bitcoin (BTC) has often been hailed by investors as a “digital gold”, in reference to its nature as a scarce, decentralized asset that exists beyond the reach of central banks and monetary policies. Unlike fiat currencies, which can be printed at will, bitcoin has a fixed supply of 21 million coins, making it inherently resistant to inflation. In periods of economic turmoil or geopolitical uncertainty, investors often look to bitcoin as a hedge, much like they do with traditional safe haven assets such as gold. A historic example came during the 2020 pandemic, when global economies ground to a halt. But while traditional markets shook, bitcoin’s value steadily rose, hitting new highs by the end of the year.
What has changed is that this thinking is no longer limited to private investor circles and crypto enthusiasts. Politicians and governments are increasingly beginning to explore Bitcoin’s potential as a national-level hedge. With rising concerns over global inflation, debt levels and geopolitical instability, some lawmakers see BTC as an asset that could provide added resilience. From the U.S. to Sweden, the idea is gaining ground. If Bitcoin can serve individuals as a tool for diversification and protection, why should it not play the same role for nations?
U.S. proposals for a National Bitcoin Reserve
In early 2025, the conversation around bitcoin as a national reserve asset evolved significantly when President Donald Trump signed an executive order establishing the U.S. Strategic Bitcoin Reserve. This initiative aimed to “[harness] the power of digital assets for national prosperity, rather than letting them languish in limbo”, by capitalizing on the approximately 200,000 BTC already held by the federal government. The move was part of a broader strategy to cement the United States’ leadership in the digital asset space and to “make the United States the crypto capital of the world”.
The establishment of the reserve was met with a mix of enthusiasm and skepticism. Proponents viewed it as a forward-thinking approach to modernizing the nation’s financial infrastructure, while critics raised concerns about the volatility of cryptocurrencies and the potential risks to monetary sovereignty. Amidst the debates, the initiative also sparked similar discussions in several U.S. states, including New Hampshire, Texas and Utah, which began to explore their own state-level digital asset reserves.
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