Brazilian congressman Eros Biondini has introduced a bill to establish a national bitcoin reserve called ResBit. The proposal suggests Brazil’s central bank gradually acquire bitcoin until it comprises 5% of the country’s national reserves.
Biondini’s initiative aligns with similar moves in the U.S., where Republican Senator Cynthia Lummis is advocating for a federal bitcoin reserve.
Lummis’ proposal, unveiled at the Bitcoin 2024 conference, calls for the U.S. Treasury to accumulate 1 million bitcoins over five years, holding them for at least 20 years. She believes this strategy could address the national deficit and bolster economic stability.
While her efforts are gaining traction, passing such a bill remains uncertain, though experts suggest a 25% likelihood that former President Donald Trump might announce a bitcoin reserve early in his next term.
Biondini’s bill emphasizes the role of bitcoin in enhancing financial sovereignty and fostering economic growth. It highlights examples from El Salvador and the U.S., showcasing how governments are integrating crypto into national strategies.
Both Brazil’s and the U.S.’s plans recommend secure cold storage for bitcoin holdings and public reporting of transactions. However, unlike Lummis’ bill, Brazil’s proposal lacks a specified holding period.
As interest in bitcoin as a strategic asset grows, nations like Brazil and the U.S. are advancing debates on incorporating crypto into financial policies, signaling a global shift toward digital asset adoption.
