Brazil Considering Bill to Create a Bitcoin Reserve

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A proposal has been put forth by Brazilian lawmakers in the Chamber of Deputies to allocate 5% of the country’s $370 billion treasury towards a Bitcoin strategic reserve.

This bill, if passed, would limit the reserve to approximately $18.5 billion worth of Bitcoin, the world’s most valuable cryptocurrency currently valued at $1.83 trillion.

The bill must be approved by Brazil’s lower house, the Chamber of Deputies, and then by the upper house, the Federal Senate, before it can be sent to the President for final approval.

Strategic Bitcoin reserves have been gaining attention from governments and jurisdictions as a means of economic security and a political talking point. Before the re-election of former US President Donald Trump, Jan3 CEO Samson Mow suggested that Germany invest in Bitcoin. However, the country had already sold its $3 billion BTC vault in July when Bitcoin was trading at under $54,000.