Brazilian Congressman Eros Biondini has introduced a pioneering proposal to create a national Bitcoin reserve, named the Reserva Estratégica Soberana de Bitcoins (RESBit). This initiative seeks to allocate up to 5% of Brazil’s $372 billion in international reserves to Bitcoin, aiming to enhance the country’s economic resilience amid global uncertainties.
Bitcoin as a Strategic Asset
The RESBit proposal argues that integrating Bitcoin into national reserves could provide Brazil with a robust hedge against currency volatility and geopolitical risks. By adopting digital assets, Brazil positions itself as a leader in modern financial strategies.
The bill also highlights Bitcoin’s rising prominence, referencing El Salvador’s adoption of Bitcoin as legal tender and the U.S. approval of Bitcoin exchange-traded funds (ETFs) as examples of forward-thinking national policies.
Global Momentum for Bitcoin Reserves
Brazil’s move reflects a growing international trend to integrate Bitcoin into sovereign reserves.
- United States: Senator Cynthia Lummis introduced the Bitcoin Act 2024, providing a framework for the U.S. and its states to hold Bitcoin. A Pennsylvania lawmaker proposed a similar initiative, while Texas legislators are considering a strategic Bitcoin reserve, with discussions facilitated by advocacy group Satoshi Action Fund (SAF).
- Poland: Presidential candidate Sławomir Mentzen pledged to create a Bitcoin reserve if elected.
- United States (Trump Campaign): President-elect Donald Trump has included a strategic Bitcoin stockpile in his campaign promises.
Presto Research analysts Peter Chung and Min Jung note that this momentum reflects a global shift. “Brazil is unlikely to be the last nation heading in this direction,” they remarked.
Texas and Global Advocacy
Dennis Porter, CEO of SAF, has been invited to present on “Strategic Bitcoin Reserves” to U.S. lawmakers and global audiences. Preliminary talks with Texas legislators indicate growing interest in drafting Bitcoin reserve legislation.
Corporate Interest: Saylor to Address Microsoft Board
Institutional adoption of Bitcoin continues to gain traction. Michael Saylor, co-founder of MicroStrategy, announced plans to deliver a Bitcoin investment strategy to Microsoft’s board of directors.
During a November 19 X Spaces event, Saylor revealed that a shareholder proposal had led to his three-minute presentation, coinciding with an upcoming December 10 vote on whether Microsoft should assess Bitcoin investments.
Conclusion
As Bitcoin gains global acceptance, Brazil’s RESBit initiative positions it as a leader in economic innovation. For expert insights into cryptocurrency trends and blockchain strategies, visit CentBit.Online, the premier platform for crypto expertise in Bangladesh and beyond.
