Brazilian Congressman Proposes Establishing Bitcoin Sovereign Strategic Reserve
As US politicians pursue a national bitcoin reserve, Brazilian congressman Eros Biondini proposed a similar initiative. His plan, known as ResBit, aims for Brazil's central bank to acquire bitcoin until it constitutes 5% of the national reserves, according to local reports.
With Donald Trump potentially returning to the White House, Republican Senator Cynthia Lummis plans to reintroduce her legislation for a strategic bitcoin reserve, initially proposed at the Bitcoin 2024 conference. The bill suggests the Treasury purchase 1 million bitcoins over five years, holding them for at least 20 years.
Biondini’s proposal references the actions of other countries like the US and El Salvador, which have integrated cryptocurrencies into their financial systems. While Lummis views the bitcoin reserve as a remedy for the national deficit, Brazil's plan emphasizes financial sovereignty and regional economic development.
Both proposals require that bitcoins be stored in cold storage with public transaction reporting. However, Brazil's bill does not specify when the bitcoin could be sold.
Despite Trump's pro-bitcoin stance, it remains uncertain if the US bill will become law. Current Polymarket odds indicate a 25% chance he announces a bitcoin reserve within his first 100 days in office.