“Incredible execution from the Trump administration and a historic moment for bitcoin and crypto,” Coinbase chief executive Brian Armstrong posted to X. “I expect many of the G20 to take notice, and eventually follow America’s leadership.”

The bitcoin reserve “will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings,” David Sacks, Trump’s crypto czar, posted to X alongside a video showing Sacks calling the reserve a “digital Fort Knox” and promising it “won’t cost taxpayers a dime.”

Some have speculated that China is weighing creating its own bitcoin reserve to rival the U.S. after Abu Dhabi’s sovereign wealth fund revealed last month it’s betting on bitcoin, kicking off a global adoption “race.”

“There have been rumours about China and South Korea exploring their own bitcoin strategic reserves,” Danny Scott, the chief executive at crypto platform CoinCorner, said in emailed comments. “It goes without saying now that all countries around the world will be paying attention and be looking at how they make their move,” adding: “It’s going to happen globally.”

Trump’s bitcoin reserve executive order follows the announcement over the weekend that the U.S. will create a diverse crypto stockpile, cheered by the market as a “game-changer.”

“This week’s announcement—as imperfect as it is—marks the first time the U.S. has ever said that bitcoin is a strategic asset,” Bitwise’s chief investment officer Matt Hougan wrote in a blog post. “As long as that stays intact, it feels like a game-changer to me.”

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Hougan said other countries would likely be watching the U.S. and considering following suit in creating bitcoin reserves.

“If you are Honduras, Mexico, or Guatemala, and you’re watching El Salvador and now the U.S. acquire bitcoin, can you really afford to be at zero?” Hougan asked. “If you’re Dubai, Qatar, or Saudi Arabia, are you comfortable with Abu Dhabi and the U.S. taking the lead? What about Russia? China?”

Excitement over a potential global race toward bitcoin adoption has added to expectations of increased crypto regulatory clarity in the U.S. under the Trump administration.

“That should add to that medium term, top-side potential, which for me is bitcoin up to $200,000 this year, and $500,000 before Trump leaves office,” Standard Chartered Bank’s Geoffrey Kendrick told CNBC, which would give bitcoin a market capitalization of around $10 trillion.