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Brazilian Congressman Eros Biondini has put forward a bill that aims to establish a national Bitcoin reserve.
Referred to as the “Reserva Estratégica Soberana de Bitcoins” (RESBit), or Strategic Sovereign Bitcoin Reserve, the initiative intends to designate up to 5% of Brazil’s $372 billion in international reserves for Bitcoin.
The legislation contends that such a reserve could enhance Brazil’s economic stability, assisting the country in managing currency volatility and geopolitical challenges.
Bitcoin’s Increasing Global Recognition
The bill underscores Bitcoin’s rising global acknowledgment, referencing El Salvador’s adoption of Bitcoin as legal tender and the approval of Bitcoin exchange-traded funds in the U.S. as significant examples of innovative approaches by other countries.
Financial analysts Peter Chung and Min Jung from Presto Research have drawn parallels between Brazil’s proposed Bitcoin initiative and the Bitcoin Act 2024 introduced by U.S. Senator Cynthia Lummis earlier this year.
Lummis’ legislation outlines a framework for the U.S. to hold Bitcoin, allowing states the option to follow suit.
JUST IN: A bill to create a strategic #Bitcoin reserve has been introduced in Brazil’s Chamber of Deputies
pic.twitter.com/0jh3hXaxCJ
— Bitcoin Magazine (@BitcoinMagazine) November 26, 2024
In a similar vein, a Pennsylvania lawmaker has recently proposed a bill that would permit the state treasurer to invest in Bitcoin.
Analysts from Presto believe this development marks the beginning of a global competition to incorporate Bitcoin into national reserves.
“Brazil is unlikely to be the last nation heading in this direction,” they noted.
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As reported, Texas legislators are also considering the establishment of a strategic Bitcoin reserve, according to the Satoshi Action Fund (SAF), a nonprofit advocacy organization.
“I have officially been asked to speak in Texas and will present on ‘Strategic Bitcoin Reserves’. Lawmakers from across the USA and the world will be in attendance,” Dennis Porter, CEO of SAF, mentioned in a recent post on X.
Porter indicated that initial discussions with a Texas legislator regarding the introduction of Bitcoin reserve legislation have already commenced.
Internationally, the momentum for Bitcoin reserves is also increasing. Polish presidential candidate Sławomir Mentzen recently committed to establishing a Bitcoin reserve if elected, indicating the global appeal of the concept.
Additionally, President-elect Donald Trump’s campaign promises included the creation of a “strategic Bitcoin stockpile,” further indicating political interest in the idea.
Saylor to Present Bitcoin Investment Strategy to Microsoft Board
Michael Saylor of MicroStrategy has revealed plans to give a three-minute presentation on Bitcoin investment strategy to Microsoft’s board of directors.
During a November 19 X Spaces event hosted by VanEck, Saylor confirmed he had been approached by an activist responsible for the proposal to Microsoft’s board, leading to his agreement to present.
“I’m going to provide a three-minute presentation — that’s all you’re allowed — and I’ll send it to the board of directors,” he stated.
This upcoming presentation aligns with a forthcoming shareholder vote on December 10 to determine whether Microsoft should evaluate investing in Bitcoin.
The proposal also arises as significant Bitcoin holders like MicroStrategy and Metaplanet have been actively increasing their Bitcoin holdings recently.
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