- The bill mentions the increasing global recognition of Bitcoin, quoting the adoption of Bitcoin as a legal tender in El Salvador.
- Slawomir Mentzen, a presidential candidate from Poland has also taken oath to establish a Bitcoin reserve if he takes the administration.
- The co-founder of Microstrategy has also publicized that he has plans to give a three-minute presentation regarding the Bitcoin investment strategy to the board of directors of Microsoft.
Eros Biondini, a Member of the Chamber of Deputies of Brazil has proposed a bill mentioning building a national Bitcoin Reserve. The target of the proposal is to assign up to 5% of $372 billion in international reserves of Brazil to Bitcoin.
The bill further claims that such a reserve could strengthen the economic resilience of Brazil and it will also help the country navigate currency volatility and geopolitical risks.
The bill mentions the increasing global recognition of Bitcoin, quoting the adoption of Bitcoin as a legal tender in El Salvador and the acceptance of Bitcoin exchange-traded funds in the US as prime examples of innovative strategies by other countries.
The initiation of a global race to adopt Bitcoin Reserve
Two financial analysts from Presto Research, Peter Chung and Min Jung have correlated the proposed bill of Brazil to the Bitcoin Act 2024 introduced by Cynthia Lummis, U.S. Senator this year. The Senator’s bill includes a framework for the U.S. to hold Bitcoin. At the same time, a policymaker from Pennsylvania has also introduced a bill that will permit the state treasurer to put their money into Bitcoin.
The analysts further went on to state that they believe this step shows the initiation of a global race to amalgamate Bitcoin into national reserves. They mentioned that Brazil is not likely to be the last country jumping into this step.
Other Country’s stance over Bitcoin Reserve
The policymakers from Texas are also looking to introduce a strategic Bitcoin reserve as per the Satoshi Action Fund (SAF), a nonprofit organization dedicated to informing policymakers about Bitcoin mining benefits.
The Chief Executive official of SAF, Dennis Porter took to a social media platform, X, and reported that I have officially been asked to speak in Texas and will speak about Strategic Bitcoin Reserves. Policymakers mainly from the United States and all over the world will be present there.
The CEO further stated that initial talks with a Texas legislature regarding the introduction of Bitcoin reserve legislation have so far been started. The adoption of Bitcoin reserves is also increasing widely on the international level.
Slawomir Mentzen, a presidential candidate from Poland has also taken oath to establish a Bitcoin reserve if he takes the administration, giving a green flag to the global traction of the idea. Adding more to this, Donald Trump had also made promises during his campaigns to create a strategic Bitcoin stockpile.
The co-founder of Microstrategy has also publicized that he has plans to give a three-minute presentation regarding the Bitcoin investment strategy to the board of directors of Microsoft.
