Financial News: These countries are considering establishing national Bitcoin reserves.

Amid a historic market rally, some countries are considering establishing national Bitcoin reserves. The price of Bitcoin, the world's largest cryptocurrency, has soared to new highs in recent weeks, surpassing $100,000 for the first time earlier this month. U.S. President-elect Donald Trump and his allies have repeatedly backed a bill to reserve assets with the Federal Reserve and could soon make it a reality. Brazilian government officials have also proposed legislation to realize this possibility, while politicians in Poland and Russia have also endorsed the idea of ​​adding digital currencies to their national balance sheets. El Salvador has taken a leading role in making Bitcoin legal tender and gradually accumulating BTC as its own reserves starting in 2021 – and now President Bukele is celebrating the victory. While it’s unclear whether other countries will be hoarding Bitcoin in the near future, one thing is clear: interest in holding Bitcoin as a reserve asset has reached fever pitch. Here are the countries that are considering establishing national Bitcoin reserves. Some U.S. lawmakers have pushed for the creation of a strategic Bitcoin reserve. Last spring, Wyoming Senator Cynthia Lummis unveiled a bill called the “Bitcoin Act” that would require the U.S. to purchase up to 200,000 Bitcoins per year for five years, or 10% of the token’s total supply. 5% of the amount. Bitcoins will be held in a “decentralized network of secure Bitcoin vaults operated by the U.S. Treasury Department,” and token acquisitions will be accomplished through diversified investments in existing Fed funds such as bonds, loans, and gold. Last July, President-elect Donald Trump similarly endorsed a “strategic Bitcoin reserve” at the BTC 2024 conference in Nashville — one of many crypto-related promises he will need to deliver upon taking office. . Trump said at the event: "It is the policy of my administration... to retain 100% of all Bitcoin currently held by the United States government or acquired in the future." At the national level, efforts to create Bitcoin reserves Also in progress. The Brazilian government has proposed a bill authorizing the establishment of a national Bitcoin reserve. According to proposed legislation submitted on November 25, the Sovereign Strategic Reserve for Bitcoin (RESBit) would account for 5% of Brazil’s international reserves. It aims to diversify the assets of the Brazilian state treasury. Federal representative Eros Biondini said in the proposed bill that including Bitcoin in the state treasury “will reduce Brazil’s exposure to exchange rate fluctuations and geopolitical risks and enhance economic resilience.” Under the proposal, Brazil’s central bank would work with the Ministry of Finance to manage Bitcoin reserves. The funds will be used to support Brazil’s central bank digital currency, Drex. Under the bill, Bitcoin will be stored in cold wallets. Polish presidential candidate Sławomir Mentzen has advocated for the establishment of a strategic Bitcoin reserve and the adoption of crypto-friendly laws and regulations in Poland. Menzen said in a recent post on Attitude.” In December, Russian parliamentary representative Anton Tkachev proposed establishing a national Bitcoin reserve, state news agency Ria reported. Previously, in November, several Russian parliamentarians suggested establishing a “cryptocurrency reserve” in the “state treasury” despite opposition from Anatoly Aksakov, chairman of the Russian State Duma Committee. This fall, they also successfully passed legislation legalizing crypto mining and the use of digital assets for international payments. Russia’s recent shift in attitude toward cryptocurrencies suggests the Eastern European country may reconsider its strategic Bitcoin reserves, something that at least one senior Russian official has previously expressed support for. Japanese lawmaker Satoshi Hamada submitted a formal request to Japan’s legislative body in December to initiate discussions on establishing a national Bitcoin reserve in Japan. Hamada’s party holds just two seats in Japan’s parliament, but there are other Bitcoin supporters in the legislature — in October, National Democratic Party leader Yuichiro Tamaki proposed a ban in Japan for cryptocurrency holders and Corporate tax cuts and regulatory reforms. Disclaimer: The content of this video, the views and opinions expressed by the author or anyone mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptoassets carries a risk of financial loss.