MEXCJust In: Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve
Highlights
- Brazil Congressman Eros Biondini has introduced a bill to create a Strategic Bitcoin Reserve for the country.
- Biondini's bill proposes that the country should allocate up to 5% of its international reserves to buy Bitcoin.
- Brazil doesn't hold any BTC at the moment and will need to start from scratch if the Bill is passed.
Brazil’s Chamber of Deputies will deliberate on a new bill to create a Strategic Bitcoin Reserve for the country. This is significant as it is bullish for Bitcoin’s adoption and could mark the genesis of mass adoption among nation-states.
Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve
Member of Brazil’s Chamber of Deputies Eros Biondini has introduced a bill to create a Strategic Bitcoin Reserve. As highlighted in the Bill, Bidoni proposes that the country allocate up to 5% of international reserves to buy Bitcoin and diversify its national assets.
The Congressman also sees the ‘Bitcoin Strategic Sovereign Reserve’ as a way to hedge against exchange rate fluctuations and geopolitical risks. The country could buy up to $3 billion worth of BTC if Congress eventually passes this bill.
This is bullish for the Bitcoin price, seeing how countries are opening up to the idea of adopting the flagship crypto as a reserve asset. Brazil looks to be following in the footsteps of countries like El Salvador and Bhutan, which have already adopted a Bitcoin strategy.
It is worth mentioning that the US is also likely to create this Strategic Bitcoin Reserve when President-elect Donald Trump comes into office on January 20, 2025. Ahead of his inauguration, Trump is already making plans to ensure that this Bitcoin Reserve comes to life.
CoinGape reported that the president-elect wants to constitute a Crypto Advisory Council responsible for setting up this Strategic Bitcoin Reserve. Meanwhile, on the legislative side, pro-crypto Senator Cynthia Lummis has introduced a bill for the US to purchase up to 1 million BTC over five years.
Starting From Scratch For Bitcoin Strategy
Unlike the United States, Brazil will have to scratch if they eventually pass this bill to create a Strategic Bitcoin Reserve. Bitcoin Treasuries data shows that the country doesn’t hold any BTC at the moment.
Interstingly, Venezuela is the only country in South America that holds Bitcoin (240 BTC). However, it is worth mentioning that Brazil is no stranger to the crypto space as there are already crypto exchange-traded funds (ETFs) trading on the country’s stock exchange. Bitcoin ETFs in the country even recently hit a new high in terms of demand as Bitcoin approached $100,000.
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