Bitcoin as a Global Decentralized Supercomputer
Stephen Perrenod | June 2025 | OrionX Research
This report is not, and must not be considered as financial, investment, or legal advice. The author holds positions in MSTR and its preferred shares, in SMLR, MPLTF, and various Bitcoin ETFs, but no positions in mining stocks.
Global Adoption and Holdings
As the Bitcoin regulatory environment has become increasingly clarified and as Bitcoin adoption has continued apace, its adoption by governments and institutions has accelerated.
There are around nine nation-states actively mining Bitcoin, including Bhutan, El Salvador, Pakistan, Russia, UAE, and Venezuela. Pakistan is the newest; it has recently announced a 2 GigaWatt initiative for AI as well as Bitcoin mining. While sanctions avoidance is one motivation for some countries, a broader motivation is to increase capital outside the US dollar system and independence from the need to borrow at the IMF.
This is the same motivation behind investment by sovereign wealth funds, including those in several of the mining nations mentioned above, but also Norway and Singapore. Beyond sovereign wealth funds, nations and their individual provinces and states are beginning to build treasury holdings.
The most important move to date was the funding of the US Strategic Bitcoin Reserve with 207,000 confiscated Bitcoin now transferred from the Department of Justice to the Department…