You’ve been looking at the incentives.
Sean hasn’t, he’s ngmi 
Discussion
yes russia is already mining (i'm guessing) as are many other nations or just holding reserves secretly in wealth funds like singapore -- unfortunately for the US they will be in denial for the longest period of time
european countries probabaly are secretly accumulating and when they announce it will only be at the time of EU dissolution
Almost certainly there is undisclosed state activity in Bitcoin. Russia I agree with you but I’m doubtful on European countries accumulating, their politics is more fragmented and ideological than a Russia or Singapore where they can do this stuff unilaterally and more secretly.
Interested in your take on Switzerland though:
nostr:note10ct0pq80vjzngfvzyupuqzesw62p9tx9z9egpatqygw2255a9r2qvkz0zf
don't know about switzerland but i wouldn't be surprised.
I believe finland, georgia and bulgaria all hold bitcoin as a result of confiscation or sovereign fund etf holdings