Donald Trump, the U.S. president-elect, has embraced bitcoin and crypto over the last year, fueling huge bets on the cryptocurrency that some fear are “delusional.”

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Bitcoin topped $100,000 per bitcoin in the aftermath of his November election victory, helped by Trump’s confirmation he wants to create a U.S. bitcoin fund similar to its oil reserves.

Now, as billionaire Trump advisor Elon Musk continues to play havoc with crypto markets, fears have emerged China could have beaten Donald Trump and the U.S. to creating a bitcoin reserve.

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“I think China is already acquiring [bitcoin],” hedge fund manager and former Trump communications director Anthony Scaramucci said on the Bankless Podcast.

“[China] knows Trump is going to be pro and long bitcoin,” Scaramucci said, pointing to the bitcoin mining activity that’s still happening in China despite a 2021 ban on bitcoin and crypto mining that triggered an exodus from the country.

In December, Trump confirmed he plans to establish a U.S. bitcoin strategic reserve.

“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.

“Yes, I think so,” Trump said in response to a question about whether the U.S. will create a bitcoin strategic reserve similar to its oil reserve.

China and the U.S. both have around 200,000 bitcoin as a result of seizures from criminals, though the U.S. is expected to eventually sell its bitcoin at auction—something Trump said he doesn’t want to happen.

In July, then Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalization during an appearance at the Bitcoin 2024 conference.

Republican senator Cynthia Lummis has introduced a bill to congress, entitled the Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide (BITCOIN) Act, which proposes the U.S. buy 1 million bitcoins over five years to reduce the spiraling $35 trillion U.S. national debt.

It’s not just the U.S. and China that are potentially looking to create a bitcoin reserve, however. Russia lawmakers were last month revealed to be pushing the country to create a bitcoin strategic reserve after Russia’s president Vladimir Putin praised bitcoin as an alternative to foreign currency reserves following the seizure of its funds by Western governments in response to its invasion of Ukraine.

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If Trump follows through on his plans for a U.S. bitcoin reserve, Japan and other countries in Asia will follow suit, according to Simon Gerovich, the chief executive of Tokyo-based investment company Metaplanet which has adopted MicroStrategy’s bitcoin-buying strategy.

“Slowly but surely seeing bitcoin becoming a topic of discussion at the highest levels of government, corporations around the world beginning to adopt it as a bitcoin standard,” Gerovich said during an event hosted by MicroStrategy chief executive Michael Saylor.

Meanwhile, a proposal to get the Swiss National Bank (SNB) to hold bitcoin and gold has been put forward by a group of 10 people in Switzerland, which now needs to collect 100,000 signatures over the next 18 months before it can be put to a public referendum.