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Brazil’s Congressman Eros Biondini proposes a $3 billion Bitcoin Reserve, marking a pivotal step toward integrating crypto into national reserves. This bold strategy aims to hedge against geopolitical and economic risks.
Brazil Eyes Strategic Bitcoin Reserve to Diversify National Assets
Eros Biondini, a lawmaker from Brazil's Chamber of Deputies, has proposed a measure to establish a Strategic Bitcoin Reserve. The Bill highlights Bidoni's proposal to diversify national assets by allocating up to 5% of international reserves to purchase Bitcoin.
The lawmaker thinks the "Bitcoin Strategic Sovereign Reserve" may protect the country from political unrest and currency swings. If this measure is eventually passed by Congress, the nation might purchase Bitcoin valued up to $3 billion.
$3 Billion Bitcoin Plan Could Boost Cryptocurrency Adoption
As more and more nations consider Bitcoin as a reserve asset, this bodes well for the cryptocurrency's value. It would appear that Brazil is joining the ranks of nations that have embraced Bitcoin, similar to El Salvador and Bhutan.
Notably, upon the inauguration of President-elect Donald Trump on January 20, 2025, it is highly probable that the United States will also establish this Strategic Bitcoin Reserve. Trump is already plotting his steps to make this Bitcoin Reserve a reality before he even takes office.
U.S. Seeks Crypto Advisory Council for Bitcoin Reserve
The president-elect reportedly intends to form a Crypto Advisory Council to oversee the establishment of this Strategic Bitcoin Reserve, according to CoinGape. Legislatively speaking, crypto-supporting Senator Cynthia Lummis has submitted a plan that would allow the US to buy up to 1 million BTC over five years.
If Brazil's plan to establish a Strategic Bitcoin Reserve comes to fruition, it will be at a disadvantage compared to the US. The nation does not currently possess any Bitcoin, according to statistics from Bitcoin Treasuries.
Venezuela Leads South America in Bitcoin Holdings
Curiously, out of all the South American countries, only Venezuela possesses Bitcoin, with 240 BTC. Having said that, crypto exchange-traded funds (ETFs) are already trading on Brazil's stock exchange, so the country is certainly not a crypto newbie. As Bitcoin drew closer to $100,000, demand for Bitcoin exchange-traded funds (ETFs) in the nation reached a new record high.
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