This year is expected to be a game changer in terms of acceptance and adoption of bitcoin (BTC), the world’s largest cryptocurrency, Fidelity Digital Assets said in a research report Tuesday.

“We anticipate more nation-states, central banks, sovereign wealth funds, and government treasuries will look to establish strategic positions in bitcoin,” wrote analyst Matt Hogan.

Given macro headwinds such as rising inflation, currency debasement and surging fiscal deficits, not making an allocation to bitcoin could be more risky than making one, the report said.

Fidelity notes that both President-elect Donald Trump and Senator Cynthia Lummis have been vocal about establishing a strategic bitcoin reserve in the United States, but said said it remains to be seen if they follow through with this plan in 2025.

Lummis proposed the “Bitcoin Act of 2024” to the Senate in July. If the bill were to be enacted, Fidelity said the “political and financial game theory at play will force other nations to follow suit.”

If nation-states were to adopt a bitcoin accumulation strategy, it is likely that these countries would begin buying the digital asset surreptitiously, as announcing their plans would likely influence other investors to buy BTC and drive the price higher, Fidelity said.

The U.S., China, U.K., Ukraine, Bhutan, and El Salvador are currently the largest government holders of bitcoin, the report said. It noted that many of these counties have only gained exposure from government seizures and the recovery of bitcoin associated with criminal activities.

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