The Philippines could take a bold step by legalizing the purchase of Bitcoin for its national reserve. On one hand, this is a way to diversify assets, protect against inflation, and attract investors’ attention. On the other hand, the high volatility of cryptocurrency and the risk of losses require strict control and cybersecurity. This experiment could set a trend for other countries if management is transparent and sensible, because without a solid strategy, the government risks losing significant funds, turning innovation into a financial trap.
I believe, some countries are already doing this but maybe they are silent about it. I don't think other countries are just sitting around and seeing bitcoin's price increase steadily for years. It will be a good addition for the public to know that governments are now trying to get involved in this market and not banning it. Ordinary people will have more confidence in jumping on in this market, hence, further increasing the demand of this cryptocurrency.
Because if the people will know that even government is getting involved, it means, this currency is not scam after all. That's the hard reality, where a lot of people have the notion that this market is a scam. The currency itself is not a scam, but the people who are using it to scam people.