When Nation-States Stack Sats

This week brought a plot twist worthy of a financial thriller: French European Parliament member Sarah Knafo extended an official invitation to Jan3 CEO Samson Mow - the architect behind El Salvador’s Bitcoin adoption playbook - to discuss creating a “strategic Bitcoin reserve” for France.

The Irony Isn’t Lost on Me As someone who remembers France spearheading MiCA regulations (often criticized as overreach), watching policymakers court Bitcoin maximalists feels like witnessing Tesla dealers buying oil futures. Yet the numbers speak: France’s state-owned bank Bpifrance just deployed $27M into local crypto ventures, while Blockchain Group now holds 1,471 BTC in corporate treasury.

The Macro Calculus Behind Crypto Reserves

Having modeled sovereign risk scenarios for eight years, I see three strategic motives:

1. Currency Hedging: With ECB balance sheets bloated to €7T, BTC offers an asymmetric hedge against euro devaluation
2. Tech Sovereignty: Unlike dollar-dominated gold reserves, Bitcoin provides settlement finality outside SWIFT
3. First-Mover Advantage: Early adopter nations may influence forthcoming EU crypto asset policies

Regulatory Tightrope Walk

The real test comes when Mow’s proof-of-work evangelism meets Parisian bureaucracy. Can France reconcile:

• Anti-money laundering directives with Bitcoin’s permissionless nature?
• Energy transition goals with PoW mining debates?
• EU fiscal unity with national crypto strategies?

My prediction? We’re witnessing phase one of continental adoption - first comes discussion, then discreet accumulation, finally regulatory accommodation. Just don’t expect President Macron to laser-eye tweet… yet.