Brazil’s Congress is considering a bill to establish a Strategic Bitcoin Reserve, allocating up to 5% of its international reserves to BTC.
A new measure to establish a Strategic Bitcoin Reserve for Brazil will be discussed by the Chamber of Deputies. This is noteworthy because it is encouraging for the adoption of Bitcoin and could serve as the beginning of mass adoption among nation-states.
Brazil’s Congress Introduces a Bill to Establish a Strategic Bitcoin Reserve
Eros Biondini, a member of the Chamber of Deputies in Brazil, has introduced a measure to establish a Strategic Bitcoin Reserve. Bidoni suggests that the nation allocate up to 5% of its international reserves to acquire Bitcoin and diversify its national assets, as emphasized in the Bill.
The Congressman also regards the “Bitcoin Strategic Sovereign Reserve” as a means of protecting against geopolitical risks and fluctuations in exchange rates. If this measure is ultimately passed by Congress, the nation could acquire up to $3 billion in Bitcoin.
This is a positive development for the Bitcoin price, as it indicates that countries are considering the adoption of the flagship crypto as a reserve asset. Brazil appears to be following in the footsteps of countries such as Bhutan and El Salvador, which have already implemented a Bitcoin strategy.
It is also important to note that the United States is likely to establish this Strategic Bitcoin Reserve upon the inauguration of President-elect Donald Trump on January 20, 2025.
