A new Bitcoin Policy Institute (BPI) report argues that nation-state engagement with Bitcoin has moved beyond legal-tender experiments into a broader set of “exposure” pathways—from strategic reserves and sovereign mining to pensions, sovereign wealth funds and tax acceptance—marking what the authors describe as a game-theoretic race among governments.

Nation-State Bitcoin Adoption Accelerates

The study, authored by Jake Langenkamp and Renee Sorchik and on September 22, 2025, concludes that “27 countries currently have some measure of exposure to bitcoin—approximately one in seven worldwide,” with a further “13 countries [that] have proposed adoption measures through legislation or policy initiatives.”

The report is explicit about scope and definitions. “Exposure was defined as any offi

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