Swedish MP Proposes Bitcoin Reserve to Finance Minister

The proposal follows the U.S.'s recent push to establish a national Bitcoin reserve, highlighting growing interest in cryptocurrency among global policymakers.

A Swedish Member of Parliament, Rickard Nordin, has proposed that Sweden include Bitcoin (BTC) in its foreign exchange reserves, a suggestion that could signal greater openness to cryptocurrency adoption in Europe. The proposal, registered in an open letter on April 8, was directed to Finance Minister Elisabeth Svantesson.

Nordin’s suggestion comes at a time when digital assets, particularly Bitcoin, are gaining attention as a hedge against inflation and a store of value. The MP emphasized that while Sweden traditionally maintains a conservative and carefully managed foreign exchange reserve—largely consisting of foreign currencies and gold—there is growing global interest in Bitcoin as a viable alternative reserve asset.

“At the same time, there is a rapid development in digital assets, and several international players regard Bitcoin as a custodian and a hedge against inflation,” Nordin stated in the letter. “In many parts of the world, Bitcoin is used as a means of payment and as security against rising inflation.”

Open letter from MP Rickard Nordin. Source: Riksdagen.se

ordin also highlighted Bitcoin’s importance as a tool for freedom fighters in oppressive regimes, further underlining its global relevance.

A Move Inspired by the U.S. Executive Order

Nordin’s proposal is reminiscent of actions taken by the United States earlier this year. In March, President Donald Trump signed an executive order that authorized the creation of a national Bitcoin reserve, funded by cryptocurrency seized during criminal investigations, rather than purchasing Bitcoin from the market. The initiative, intended to be budget-neutral, was aimed at strengthening the U.S. government's stance on digital assets while ensuring no additional costs to taxpayers.

Similarly, the Czech National Bank has considered Bitcoin as a potential asset for diversification in the country’s foreign reserves, reflecting the growing interest among central banks in including digital assets in their financial strategies.

Europe’s Focus on the Digital Euro

Despite these developments, European lawmakers have largely remained silent on Bitcoin legislation, with much of the region’s attention focused on the launch of a central bank digital currency (CBDC). The European Central Bank (ECB), led by President Christine Lagarde, has been pushing for the launch of the digital euro, slated for October 2025. Lagarde has emphasized that the digital euro will coexist with cash and aim to protect privacy by ensuring it remains pseudonymous, in contrast to the U.S. stance on CBDCs.

However, the recent Target 2 payment system outage within the ECB, which caused significant transaction delays, has raised concerns about the region’s ability to manage a digital currency effectively. According to James Wo, CEO of the venture capital firm DFG, this highlights the European Union's focus on the digital euro and the challenges of implementing such a system.

“This highlights the EU’s greater emphasis on the digital euro, though the recent outage in the ECB’s Target 2 (T2) payment system, which caused significant transaction delays, raised concerns about its ability to oversee a digital currency when it struggles with daily operations,” Wo noted.

This situation stands in stark contrast to the U.S. approach, where President Trump has taken a firm stance against the establishment and issuance of a U.S. dollar-backed CBDC.