What happened?
According to Samson Mow, countries are moving from cautious, gradual Bitcoin adoption to more decisive and faster action. The US has signed an executive order to create a Strategic Bitcoin Reserve but hasn’t started buying yet, and other nations look ready to follow. Mow warns this shift could trigger sudden, panic-style purchases after a long period of hesitation.
Who does this affect?
This mainly affects national governments, sovereign wealth funds, and policymakers who are deciding whether to hold Bitcoin as a reserve. It also touches institutional investors, corporate treasuries, ETFs, and everyday crypto traders who rely on market liquidity and price discovery. If states start buying aggressively, it will change who controls supply and influence market dynamics for all participants.
Why does this matter?
Sudden nation-state buying could tighten Bitcoin supply and drive prices sharply higher, potentially extending the current cycle into 2026 as Mow suggests. That increased demand from states and institutions would likely raise volatility, weaken traditional cycle timing, and make it harder for new entrants to replicate earlier gains. Extreme price spikes tied to macro instability (the $1M scenario) would signal broader economic risks, meaning market rallies could come alongside serious real-world consequences.