Two Swedish lawmakers have ignited debate in Stockholm with a proposal to investigate the creation of a national Bitcoin reserve, potentially placing the country among a growing number of nations exploring digital assets as part of their state holdings.
The motion, filed on October 1 by Dennis Dioukarev and David Perez of the Sweden Democrats, calls on the government to study the feasibility of building a strategic Bitcoin reserve and determine which authority should oversee it. It also urges the government to make clear that it has no plans to redefine legal tender or introduce a central bank digital currency.
The lawmakers framed Bitcoin as a modern counterpart to gold, arguing that it could diversify Sweden’s reserves and shield them from inflation. “By building a strategic Bitcoin reserve, Sweden is positioning itself for a potentially disruptive shift in the global financial infrastructure,” their proposal stated.
Momentum for state-level Bitcoin reserves has been gaining internationally, especially after U.S. President Donald Trump signed an executive order earlier this year to establish a national Bitcoin reserve, financed in part with seized digital assets. While countries such as Bhutan and El Salvador had already acquired Bitcoin, the U.S. policy shift spurred other governments to revisit their own positions.
Several nations, including the UK, China, and Finland, hold significant amounts of Bitcoin and other cryptocurrencies—often through assets confiscated in criminal cases. Beyond Europe, Kazakhstan recently launched a government-backed crypto reserve containing Binance’s BNB token, while U.S. states like Texas, Arizona, and New Hampshire have passed laws to set up their own reserves.
Sweden has been cautious with digital assets, but this is not the first call for change. Earlier this year, Dioukarev and fellow parliamentarian Rickard Nordin pressed Finance Minister Elisabeth Svantesson to reassess the country’s stance, citing Bitcoin’s expanding global footprint. Supporters believe that adding Bitcoin could reduce correlations among Sweden’s traditional reserve assets, which are typically exposed to political and economic risks.
Financial analysts, however, remain divided. A recent report by Deutsche Bank Research noted that central banks are reconsidering their reserves in light of persistent inflation and geopolitical uncertainty. While acknowledging that Bitcoin has grown more liquid and widely adopted, the report warned of its volatility, exposure to fraud, and limited depth compared to gold.
Critics of state-backed Bitcoin reserves argue that they invite fiscal instability and political opportunism. In the U.S., Democratic Congressman Gerry Connolly, who passed away earlier this year, called the Bitcoin reserve “unsound fiscal policy” and accused Trump of using it as a personal enrichment scheme.
For Sweden, the proposal marks a crossroads: whether to embrace Bitcoin as a hedge for the future or maintain its traditional reserve strategy. If the motion gains traction, the country could become one of Europe’s first movers in adopting a formal digital asset reserve.
