Bitcoin reserve bill introduced in Brazil’s Congress
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Brazilian legislators in the Chamber of Deputies have proposed allocating 5% of the nation’s $370 billion treasury to a Bitcoin strategic reserve. The proposed Bitcoin (BTC) bill would limit Brazil’s reserves to approximately $18.5 billion worth of the world’s most valuable cryptocurrency, currently valued at $1.83 trillion. Brazil’s Chamber of Deputies, the lower house of its National Congress, must pass the bill before it moves to the Federal Senate, the upper house. If lawmakers in the Federal Senate back the proposal, it will be sent to Brazil’s President for approval to become law. Strategic Bitcoin reserves have gained traction among various governments and jurisdictions in recent months, touted as an economic safeguard and political rallying point. Sovereign Bitcoin rush Before Donald Trump was re-elected in the U.S., Jan3 CEO Samson Mow advised Germany to buy Bitcoin. The country emptied its $3 billion BTC vault in July when BTC traded under $54,000. Bitcoin changed hands above $91,000 at press time, reaching $99,600 this month. BTC gains translate to over $1.5 billion in missed profits for the German government. Bloomberg senior opinion columnist Merryn Somerset Webb encouraged the new Labor-led British administration to “rebuild Britain” with its $5 billion trove. Like President Donald Trump, Polish minister and presidential aspirant Sławomir Mentzen promised to create a BTC reserve if elected in 2025. President Trump tapped crypto industry expertise for cabinet members focused on digital asset policy. Talks of appointing a “Crypto Czar” and establishing a new White House crypto role added to market euphoria. In the U.S. Senate, Wyoming’s Cynthia Lummis pushed to buy 4% of Bitcoin’s supply over five years. The rush to embrace Bitcoin showed no signs of fatigue as BTC captured sovereign and geopolitical mindshare. Whether through criminal seizures in China, mining in Bhutan, or reserve proposals in the U.S.…
Filed under: News - @ November 26, 2024 11:29 pm