I definitely think the likelihood of the incoming demand from nations all over the world in 2025 is not priced in Bitcoin. Especially if United States set an example and also legitimise this as a strategy.

Let's not forget that historically United States have been pressuring countries to stay on the dollar, so they could export their inflation. United States have the most at stake here, but also they have the best shot to acquire the biggest share of BTC supply, both from the sell-side liquidity acceptance perspective (USD), as well as from how much they can allocate to this. So, they need to play it clever, and front-running other nations in size is definitely more rational for long-term than trying to cling on the status quo, and wait for other countries to slowly detach themselves from the debasing dollar.

Overall, the train has already departed and while the public is not getting that many definitive announcements, I think a lot of countries are seriously weighing up their strategies silently. We can't really fathom the power of shockwaves this will bring - it's unprecedented. Perhaps we have some 30 days before this is unleashed, and it will look so obvious in retrospect.