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Bitcoin in focus: States strive for stable solutions for crypto!
On November 3rd, 2025, Jamie Elkaleh analyzes the role of Bitcoin as a reserve asset for states and its influence on the market.
Bitcoin in focus: States strive for stable solutions for crypto!
On November 3, 2025, Jamie Elkaleh offers important thoughts on Bitcoin as a reserve asset class in an interview with FXStreet. In the discussion, he emphasizes that geopolitical factors, accountability and multi-layered risks are crucial aspects for nation states that want to hold Bitcoin. This approach could see Bitcoin increasingly transition from a speculative technology to an infrastructure asset, which could have a significant impact on retail investor trading.
To ensure the security of Bitcoin assets, sovereign states use various modern solutions. These include cold storage, multi-signature (multi-sig), trusted third parties, and customizable audit frameworks for Bitcoin custody. According to fxstreet.com, global custody service providers are now offering “sovereign-grade” solutions that combine the security of on-chain transactions with institutional controls.
Regulation and market stability
Another central theme in Elkaleh’s analysis is the need to integrate Bitcoin custody into existing regulatory frameworks. While the UK takes a permissive approach to supervision, the US SEC emphasizes traditional crypto custody standards. Effective custody requires governance, transparency, auditability and compliance with AML/KYC regulations.
Elkaleh believes that growing demand for Bitcoin from nation-states could lead to less extreme market fluctuations and more stable periods of accumulation. For retailers, this could mean greater market stability and improved regulatory frameworks. However, they still need to be aware of the fundamental market dynamics.
The way of the USA
Interestingly, the US government has not yet made any significant progress on its Bitcoin reserve plan. An executive order for a “Strategic Bitcoin Reserve” was issued on March 6, 2025, but large purchases of Bitcoin by the US are unlikely in 2026. Instead, pilot projects or government experiments in the area of Bitcoin could be tested.
Future U.S. decisions may be influenced by developments in other countries that provide clearer regulatory frameworks. The U.S. path depends on raising questions about the definition of custody, asset valuation, audit frameworks and Bitcoin's role in foreign reserves. Any progress in this area could increase trust in Bitcoin, accelerate regulatory clarity, and advance crypto's integration into traditional finance.