Brazil’s Congress introduces Bitcoin reserve bill – Latest Crypto News
Ever heard of a Bitcoin strategic reserve? Well, Brazilian legislators are proposing just that. They want to set aside 5% of the country’s $370 billion treasury for a Bitcoin reserve. That’s about $18.5 billion worth of the world’s most valuable cryptocurrency, which is currently valued at a whopping $1.83 trillion.
But hold your horses, this proposal needs to pass through Brazil’s Chamber of Deputies first before it can move to the Federal Senate for approval. If all goes well, it’ll eventually end up on the President’s desk for final approval, making it the law of the land.
This whole idea of having strategic Bitcoin reserves is catching fire globally. It’s being hailed as an economic safety net and a real point of pride for some countries. Even before Donald Trump was re-elected in the U.S., there were talks of Germany buying up Bitcoin. The rumour mills were swirling about the potential $3 billion BTC stash they had. But things took a turn when the price shot up to over $91,000 from under $54,000, meaning they may have missed out on over $1.5 billion in potential profits.
Other countries are getting in on the action too. A senior opinion columnist over at Bloomberg suggested that the UK could use its $5 billion pot to invest in Bitcoin. Meanwhile, over in Poland, if the current minister and presidential candidate has their way, they plan to create a BTC reserve of their own come 2025.
The U.S. also didn’t want to be left out. They were talking about appointing a “Crypto Czar” and adding a whole new White House crypto role to the mix. Wyoming was even pushing to buy up 4% of Bitcoin’s supply over five years. It’s a whole Bitcoin craze out there, with nations far and wide looking to get a piece of the action – whether it’s through seizing assets in China, mining in Bhutan, or proposing big reserves like in the U.S. and Brazil.
So, who knows, maybe the future is Bitcoin after all!
