Brazilian Congressman Eros Biondini has introduced a bill proposing the creation of a national Bitcoin reserve.
Dubbed the “Reserva Estratégica Soberana de Bitcoins” (RESBit), or Strategic Sovereign Bitcoin Reserve, the proposal seeks to allocate up to 5% of Brazil’s $372 billion in international reserves to Bitcoin.
The bill argues that such a reserve could bolster Brazil’s economic resilience, helping the nation navigate currency fluctuations and geopolitical risks.
Bitcoin’s Growing Global Recognition
The bill highlights Bitcoin’s growing global recognition, citing El Salvador’s adoption of Bitcoin as legal tender and the approval of Bitcoin exchange-traded funds in the U.S. as key examples of innovative strategies by other nations.
Financial analysts Peter Chung and Min Jung from Presto Research have compared Brazil’s proposed Bitcoin initiative to the Bitcoin Act 2024 introduced by U.S. Senator Cynthia Lummis earlier this year.
Lummis’ bill outlines a framework for the U.S. to hold Bitcoin, with states given the option to do the same.
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
Similarly, a Pennsylvania lawmaker recently introduced a bill to allow the state treasurer to invest in Bitcoin.
Presto’s analysts believe this move signals the start of a global race to integrate Bitcoin into national reserves.
“Brazil is unlikely to be the last nation heading in this direction,” they remarked.
As reported, Texas lawmakers are also exploring launching a strategic Bitcoin reserve, according to the Satoshi Action Fund (SAF), a nonprofit advocacy group.
“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, said in a recent post on X.
Porter stated that preliminary conversations with a Texas legislator about introducing Bitcoin reserve legislation have already begun.
Momentum for Bitcoin reserves is also growing internationally. Polish presidential candidate Sławomir Mentzen recently pledged to establish a Bitcoin reserve if elected, signaling the global traction of the idea.
Moreover, President-elect Donald Trump’s campaign promises included creating a “strategic Bitcoin stockpile,” further signaling political interest in the concept.
Saylor to Pitch Bitcoin Investment Strategy to Microsoft Board
MicroStrategy’s Michael Saylor has announced plans to deliver a three-minute presentation on Bitcoin investment strategy to Microsoft’s board of directors.
Speaking during a November 19 X Spaces event hosted by VanEck, Saylor confirmed he had been contacted by an activist responsible for the proposal to Microsoft’s board, prompting 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.
His upcoming presentation coincides with an upcoming shareholder vote on December 10 to decide whether Microsoft should conduct an assessment on investing in Bitcoin.
The proposal also comes as major Bitcoin holders like MicroStrategy and Metaplanet have aggressively expanded their Bitcoin holdings as of late.
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