France’s Bold Bid: Lawmakers Want a 420,000 BTC Strategic Reserve
Marie Dubois
October 29, 2025
“Treat Bitcoin like digital gold, not a speculative toy,” said lead sponsor Élodie Vasseur as she introduced the bill.
The Blueprint for France’s Bitcoin Reserve
The draft bill envisions amassing roughly 420,000 BTC—about 2% of outstanding supply—over the rest of the decade. Funding sources would include directing a portion of energy-transition subsidies toward state-run mining, re-routing seized cryptocurrencies from police operations, and offering voluntary savings products that pay out in satoshis.
France’s finance ministry has not endorsed the plan, but the text demands quarterly disclosures on accumulation progress, echoing transparency calls highlighted in our U.S. reserve debate coverage. Sponsors argue that codifying reporting requirements now will make the reserve program viable if the executive branch agrees later.
Political Motives and Macro Backdrop
Supporters frame Bitcoin as a hedge against currency fragmentation and as a tool to entice euro-denominated stablecoin innovation. They point to the recent volatility in sovereign bond markets and the widening debate over the digital euro’s design as reasons to diversify strategic reserves.
Critics counter that tying fiscal resources to a volatile asset could unsettle France’s deficit targets. Still, momentum from global capital flows—like the bid we documented when Bitcoin rallied on softer inflation data—has lawmakers eyeing a potential long-term upside.
European Reactions and Ripple Effects
Berlin, Brussels and Madrid each confirmed receiving briefings from French delegates seeking alignment on reserve policy. Germany’s Bundestag will reportedly hold a hearing on state-level Bitcoin holdings next month, while members of the European Parliament’s ECON committee plan to question the European Central Bank about potential impacts on monetary policy.
Analysts warn that if France moves unilaterally, it could set off a race among EU states to source BTC, pressuring supply on exchanges. That dynamic, they say, could benefit institutions already accumulating through ETFs and corporate treasuries.
Scrutiny on Procurement and Custody
The bill directs the Banque de France to oversee custody in partnership with approved digital asset service providers. It also calls for segmented cold storage with multi-signature governance—an acknowledgement of past hacks involving public funds. Auditors would need to certify holdings annually using Merkle proof attestations.
Market observers caution that large-scale open-market purchases could move prices quickly, complicating any dollar-cost-averaging plan. They suggest France could mirror El Salvador’s strategy of acquiring BTC through daily buys to mitigate slippage.
What to Watch in the Legislative Timeline
Lawmakers will debate the measure in committee through November, with a plenary vote penciled in for early December. Even if it passes the Assemblée Nationale, the Sénat could demand amendments that align with EU fiscal rules and digital asset regulations.
Investors should watch whether the government signals support in its upcoming budget update. Without executive backing, the reserve remains aspirational—but the debate alone is pushing Bitcoin deeper into mainstream policy conversations across Europe.