Geopolitical Game Theory | BTC Prague 2025 Panel

At the BTC Prague stage, our panel tackled one of the most urgent questions in Bitcoin today: as nation states, central banks, and corporations race to engage with Bitcoin, who moves first — and does it matter? The answers were sharper than most expect.

Bitcoin Has Entered the Circus of Power

Let me set the scene. The night before this panel, the Czech government nearly fell over what the press was calling a “Bitcoin gate.” A confidence vote in parliament, triggered by controversy around Bitcoin — something that would have been unthinkable five years ago. That tells you everything about how far we’ve come.

Bitcoin is no longer a fringe conversation. It is inside the room where decisions are made. And that changes the game entirely.

Game Theory Is Real — and It’s a Race

The term game theory gets thrown around a lot in Bitcoin circles, sometimes as filler when nothing else is happening. But the framework is genuinely useful here. As Samson Mow put it on the panel: this is a winner-takes-all dynamic. Look at Strategy — they dominate the corporate Bitcoin treasury space and it’s nearly impossible for anyone to catch up now. The same logic applies to nation states.

The countries that move first and build a Bitcoin treasury are likely to maintain that lead — possibly forever, unless they choose to sell. That’s not hype. That’s the structure of the situation. Pakistan has already announced it will follow the US and create its own strategic reserve. The dominoes are moving.

What I See in Boardrooms Has Completely Changed

Twelve months ago, when I walked into a boardroom to talk Bitcoin, the reaction was: “Why are you here? Why would I put magic internet money on our corporate balance sheet?” Now we can’t get off the phone. Everyone wants to replicate the Strategy playbook.

What shifted isn’t just sentiment — it’s the macro environment. The dollar is weakening. BRICS nations are diversifying away from dollar-denominated assets. CFOs are asking themselves: how do I hedge? And Bitcoin is increasingly the answer. Treasury bills don’t generate the yield they once did. Bitcoin is the obvious next step for preserving wealth.

The key difference between corporations and nation states in this game is disclosure. Corporations are beholden to shareholders — going public about Bitcoin holdings drives share price and attracts new investors. Governments, on the other hand, have to maintain confidence in their fiat currencies. They won’t tweet “I’m buying Bitcoin.” Instead, they’ll announce they seized it, or nationalized a mining company. Different framing, same direction.

Asia Is Still Early — But the Younger Generation Will Change That

In Asia, especially China and India, people historically trust what they can see and touch — gold, real estate. Bitcoin as digital gold is still conceptual for many. The crypto narrative also dominates, which muddies the water. Scams, collapses, unregulated projects — they all get lumped together with Bitcoin, and that sets adoption back.

But the younger generation grew up digital. Mobile phones, e-commerce, food delivery — everything is on an app. For them, a digital bearer asset is intuitive. And as the Chinese real estate bubble deflates, people are already pivoting to gold. Bitcoin is the next step in that evolution. We frame it as generational wealth — something you hold and pass to your children, just like property. That message resonates.

Europe Is Falling Behind — and MiCA Won’t Help

There’s a stark geographic divide in how governments are approaching Bitcoin. In the UAE, favorable regulation attracted enormous business — Confirmo’s largest customer base is there. They understand Bitcoin as a business opportunity.

Europe is a different story. MiCA — the pan-European crypto asset regulation — is coming into full effect next year. And while some hope it will finally get banks comfortable working with crypto companies, the regulation was clearly not designed with business in mind. The likely outcome is a significant outflow of business to the Middle East and the US. We’ll continue operating in the