Sweden Considers Adding Bitcoin to National Reserves

Sweden is at a crossroads as its traditional financial conservatism meets the promise of cryptocurrency independence. A recent proposal by Swedish Member of Parliament Rickard Nordin suggests adding Bitcoin to the country’s national foreign reserves, marking a potential shift in Sweden’s financial strategy.

In a letter dated April 8, 2025, addressed to Finance Minister Elisabeth Svantesson, Nordin advocated for diversifying Sweden’s foreign exchange reserves by including Bitcoin. He highlighted the growing global importance of Bitcoin, noting its use as both a custodian asset and a hedge against inflation. Nordin also emphasized Bitcoin’s role as a medium of payment and a safe haven during economic volatility, particularly in regions under authoritarian regimes.

This proposal aligns with a broader international discourse on Bitcoin’s role in state finance. Countries such as El Salvador and Bhutan have already incorporated Bitcoin into their national treasuries, while developed economies are beginning to explore similar avenues. In March 2025, President Trump signed an executive order for a national Bitcoin reserve in the United States, which will be built using Bitcoin seized in criminal cases rather than through direct purchases from crypto markets. This approach has gained support worldwide, with Germany’s former finance minister Christian Lindner and Switzerland’s proposed constitutional change to compel the Swiss National Bank to hold Bitcoin.

However, not all countries share the enthusiasm for a Bitcoin reserve. South Korea’s central bank and Poland’s central bank have rejected the idea, citing concerns about volatility and the preference for traditional assets. Sweden’s broader stance toward crypto remains cautious, with authorities taking strong action against cryptocurrency businesses in 2024. The Police Authority and Financial Intelligence Unit labeled certain crypto exchanges as “professional money launderers,” and the Swedish Tax Agency uncovered widespread irregularities among Bitcoin miners operating in the country.

Despite these regulatory challenges, there have been optimistic developments. In February 2025, Klarna, Sweden’s leading fintech firm, announced its intention to enter the crypto market ahead of its public listing. Klarna’s move could pave the way for broader crypto integration in Sweden’s financial ecosystem. The proposal by Nordin, while marking a progressive step, reflects the tensions between innovation and Sweden’s crackdown on crypto, highlighting the evolving landscape of digital assets in the country.