Brazilian Congressman Eros Biondini has introduced a bill proposing the creation of a national Bitcoin reserve.
The proposal, called “Reserva Estratégica Soberana de Bitcoins” (RESBit), or Strategic Sovereign Bitcoin Reserve, aims to allocate up to 5% of Brazil’s $372 billion in international reserves to Bitcoin.
The bill claims that such a reserve could strengthen Brazil’s economic resilience, helping the nation cope with currency fluctuations and geopolitical risks.
Bitcoin’s growing global visibility
The bill highlights Bitcoin’s growing global recognition, citing El Salvador ‘s adoption of Bitcoin as legal tender and the approval of Bitcoin ETFs in the US as key examples of other countries’ innovative strategies.
Financial analysts Peter Chung and Min Jung of Presto Research compared Brazil’s proposed Bitcoin initiative to the Bitcoin Act 2024 introduced by US Senator Cynthia Lummis earlier this year.
Similarly, a Pennsylvania lawmaker recently introduced a bill that would allow the state treasurer to invest in Bitcoins. Presto analysts believe the move signals the beginning of a global race to integrate Bitcoin into the nation’s reserves.
“Brazil is unlikely to be the last country moving in this direction,” they noted. Texas lawmakers are also reportedly considering launching a strategic Bitcoin reserve, according to the Satoshi Action Fund (SAF).
“I have been formally invited to speak in Texas and will give a presentation on ‘Strategic Bitcoin Reserve.’ It will be attended by lawmakers from all over the United States and the world,” Dennis Porter, CEO of SAF, said in a recent post on X.
Porter said that preliminary talks with Texas lawmakers on introducing Bitcoin reserve legislation have already begun.
The momentum for Bitcoin reserves is also growing internationally. Polish presidential candidate Slawomir Mentzen recently promised to establish a Bitcoin reserve if elected, signaling the global popularity of the idea.
Moreover, President-elect Donald Trump’ s election promises included the creation of a “strategic bitcoin reserve,” another signal of political interest in the concept.
