Crypto market and its value
Cryptocurrencies have been at the centre of public attention for some time, largely due to the significant profits private investors have generated over the years. The fact that cryptocurrencies are part of our present reality and future, rather than just another subject of speculation, is demonstrated by the growing number of countries deciding to incorporate this new way of operating into their economic systems. However, it is important to distinguish between countries that have recognised Bitcoin as legal tender, those that allow payments in cryptocurrencies, and those that use blockchain technology and digital assets within their financial systems. Despite these differences, it is safe to say that the crypto market is becoming increasingly integrated into the economic systems of countries around the world. The current value of the cryptocurrency market is estimated at $2.69 trillion, of which Bitcoin alone accounts for approximately $1.61 trillion. These figures confirm that this latest financial system has become not only a subject of analysis among economic experts but also an increasingly important part of how many countries operate.
States that incorporated cryptocurrencies in their financial systems
Here are some examples of countries that have already incorporated cryptocurrencies into their financial systems in various ways over the past few years. El Salvador, a country in Central America, became the first nation to recognise Bitcoin as legal tender back in 2021. The country purchased Bitcoin and developed a national strategy based on crypto assets. However, reforms introduced in 2025 changed the rules: accepting Bitcoin in the private sector became voluntary. From today’s perspective, it is also clear that the United Arab Emirates (Dubai and Abu Dhabi) have become major centres of the crypto industry. Cryptocurrency exchanges and companies dealing in digital assets have been permitted to operate there for some time, under regulatory supervision. The aim is to attract international capital and technology companies. Across the Western Balkans, as well as throughout other parts of Europe, we can also see a growing number of cryptocurrency exchanges and online platforms headquartered in these hubs. In addition to these crypto hubs, we also have the well-known Crypto Valley, located in the Swiss city of Zug. In Switzerland, certain public services and local authorities have accepted Bitcoin and Ether as payment for specific obligations, while the country has also developed a comprehensive legal framework for blockchain companies and digital assets. One particularly interesting example is Bhutan, which uses hydroelectric power to mine Bitcoin. Bitcoin has subsequently become part of the country’s strategy for managing state assets and financial reserves.
In addition to these countries, several other major economies have developed or are seriously working towards integrating cryptocurrencies. Brazil has introduced regulations governing the crypto market, exchanges and digital assets. Japan has established a regulatory framework for cryptocurrency and stablecoin transactions, while Singapore has licensed crypto companies and developed digital financial infrastructure. Hong Kong has enabled the development of a regulated crypto asset market, while Germany, Europe’s largest economy, has a fully regulated crypto sector and investment products.
Three models of involvement, USA and Trump
It is important to reiterate that there are three distinct models of cryptocurrency involvement in national economies. The first model is Bitcoin as money (with El Salvador being the most prominent example). The second involves cryptocurrencies as part of the financial system (the UAE, Switzerland, Singapore, Japan and Brazil), while the third sees cryptocurrencies as state reserves or strategic assets (Bhutan and El Salvador). It is precisely this third model that explains why one particular country was deliberately left out of the discussion until now, given its importance in the global order. That country is the United States, widely regarded as the leading power in the global economic system. The country has faced numerous challenges in recent years concerning the value of the dollar, inflation, interest rates and other economic issues. When these are combined with geopolitical tensions and political instability, it becomes easier to understand why the Trump administration has turned to cryptocurrencies in an effort to stimulate the country’s recovery and potentially influence the wider global economic order. At the same time, the media have been reporting for some time on the Trump family’s wealth, a significant portion of which is reportedly based on cryptocurrencies. The latest US midterm elections, in which President Trump suffered a major defeat, raise numerous questions about the future and create uncertainty surrounding the further development of the American economy and the role of the crypto market within it. On the other hand, some analysts believe that cryptocurrencies have gained so much momentum, particularly in the United States, that the political forces in power may no longer be the decisive factor. Instead, what matters most is which forces will be able to implement a cryptographic framework into the economic system most rapidly and comprehensively.
Most of the countries mentioned above play a significant role in the functioning of the global economic order. As a result, the role of cryptocurrencies within this broader system has become a major topic of discussion among academics, analysts and politicians alike. Decisions made by these countries, particularly the United States, have boosted the popularity of cryptocurrencies in public discourse, while an increasing number of people are looking to invest their money in these digital assets. Some even refer to Bitcoin as the new digital gold, making it easier to understand why more and more countries are moving towards incorporating this new economic model, albeit for now primarily as an alternative system. The key question is whether this model could eventually become the primary financial system, and to what extent cryptocurrencies will become integrated into the global economy. Economists are also examining the potential for further growth in the crypto market, as well as the possibility that it could gradually lose momentum, prompting countries to return entirely to the traditional financial system.
