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A Swedish Member of Parliament, Rickard Nordin, has formally called on the government to consider adding Bitcoin (BTC) to the nation's foreign currency reserves.
In a written inquiry submitted to Finance Minister Elisabeth Svantesson last week, Nordin argued that Bitcoin's inherent properties, akin to gold, coupled with its increasing global usage, make it a viable tool to combat inflation and navigate global economic shifts.
Referencing the growing international discussion surrounding the role of digital assets in national financial strategies, Nordin pointed to the United States, where various state and federal officials have explored the idea of holding Bitcoin as a strategic reserve, similar to gold, particularly in the face of rising geopolitical and economic uncertainty.
Nordin emphasized Bitcoin's monetary characteristics, drawing parallels to gold and highlighting its existing use as a payment method and a hedge against hyperinflation in numerous parts of the world. He also underscored Bitcoin's crucial role in providing individuals under authoritarian regimes with a means to move and store value outside the control of state entities.
Interestingly, Nordin's proposal does not advocate for direct government purchases of Bitcoin. Instead, he suggested a budget-neutral approach by retaining Bitcoin confiscated by Swedish authorities, such as the Customs Service or police, rather than liquidating it. He cited the U.S. as an example, where federal agencies have accumulated significant Bitcoin holdings through asset seizures without allocating taxpayer funds for direct purchases.
Currently, Sweden's central bank, Sveriges Riksbank, maintains a conservative reserve portfolio primarily composed of traditional foreign currencies and gold. Nordin urged the government to reconsider this strategy in light of the evolving global financial landscape and the emergence of decentralized digital assets.
The written inquiry, officially registered as 2024/25:997, requires a formal response from Finance Minister Svantesson by April 16th. The government has yet to indicate its stance on potentially expanding the Riksbank's mandate to include Bitcoin in its reserves.
