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Reading: Brazilian Lawmakers Propose National Bitcoin Reserve to Diversify Assets
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COINTURK NEWS > Bitcoin (BTC) > Brazilian Lawmakers Propose National Bitcoin Reserve to Diversify Assets
Bitcoin (BTC)

Brazilian Lawmakers Propose National Bitcoin Reserve to Diversify Assets

In Brief

  • Brazil proposes a national Bitcoin reserve to strengthen economic resilience.

  • The bill outlines a gradual acquisition strategy for Bitcoin investments.

  • Brazil's initiative reflects a growing competition among countries for Bitcoin adoption.

Fatih Uçar
Fatih Uçar 6 months ago
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Brazilian lawmaker Eros Biondini has introduced a bill to establish a national Bitcoin $104,166 reserve aimed at diversifying the country’s financial assets. The proposal suggests converting up to 5% of Brazil’s approximately $372 billion international reserves into Bitcoin. It highlights that a Bitcoin reserve could enhance economic resilience against currency fluctuations and geopolitical risks.

Contents
Targeting Economic Resilience with a Bitcoin ReserveThe Race for Bitcoin Among States Heats Up

Targeting Economic Resilience with a Bitcoin Reserve

The bill outlines a gradual strategy for Brazil’s Bitcoin acquisitions. It cites innovative policies, such as Bitcoin being adopted as legal tender in El Salvador and the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. The proposal emphasizes that creating such a reserve could bolster Brazil’s economic diversity, making it stronger against currency crises.

National Bitcoin Reserve

Presto Research analysts Peter Chung and Min Jung noted similarities between this bill and U.S. Senator Cynthia Lummis’s Bitcoin Law 2024. Lummis’s proposal included regulations enabling a national Bitcoin reserve and allowing states to invest in Bitcoin. Similarly, a Pennsylvania lawmaker has introduced legislation to permit state treasury Bitcoin investments this month.

The Race for Bitcoin Among States Heats Up

Analysts suggest that Brazil’s initiative signals the start of a race among states to adopt Bitcoin. They describe this move as a land-grab competition for Bitcoin among countries, asserting that Brazil will not be the last to take such action. The concept of establishing a Bitcoin reserve aims not only to enhance economic diversity but also to position Brazil as a leader in the digital economy, with expectations for similar actions from other countries in the future.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 27 November, 2024 - 7:43 pm 27 November, 2024 - 7:43 pm
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