推動比特幣儲備在巴西的勢頭

副總統杰拉爾多·阿爾克明（Geraldo Alckmin）的參謀長佩德羅·瓜拉

Pedro Guerra, chief of staff to Vice-President Geraldo Alckmin, is pressing ahead with plans to add bitcoin to Brazil’s sovereign reserves, arguing that the country can no longer afford to ignore “the most rigorously stress-tested monetary network on the planet.”

副總統杰拉爾多·阿爾克明（Geraldo Alckmin）的參謀長佩德羅·格拉（Pedro Guerra）向前敦促為巴西的主權儲備添加比特幣，認為該國不再能夠忽略“地球上最嚴格的壓力壓力測試的貨幣網絡。”

The proposal first surfaced last month when Guerra deviated from a prepared address at the inauguration of the parliamentary “Competitive Brazil Front” to call for lawmakers to study bitcoin “with the same seriousness we bring to fiscal frameworks and tax reform.” That plea, which went viral in Brasília and the broader crypto sector, was met with surprise but little open hostility.

該提案上個月首先浮出水面，當時瓜拉（Guerra）在議會“競爭性巴西陣線”就職典禮上偏離了準備好的講話，以呼籲立法者“以與我們對財政框架和稅收改革相同的認真程度學習比特幣”。這種請求在布拉西利亞（Brasília）和更廣泛的加密貨幣領域傳播開來，他感到驚訝，但敵對卻很少。

Push For Bitcoin Reserve Pursues Varying Interest Rates

推動比特幣儲備追求不同的利率

The political aide elaborated on the initiative and dismissed suggestions that it was a publicity ploy during a one-hour interview with economist and author Fernando Ulrich.

政治助手闡述了這一倡議，並駁回了對經濟學家和作家費爾南多·烏爾里希（Fernando Ulrich）進行一小時採訪時的宣傳策略。

“We’re not talking about a hypothetical experiment; bitcoin has survived sixteen years of open-source adversarial testing,” Guerra said. “If the United States Treasury can hold confiscated bitcoin and publicly debate how to manage it, Brazil—a G20 economy with a sophisticated payments stack—must at least evaluate whether a strategic allocation makes sense.”

瓜拉說：“我們不是在談論一個假設的實驗；比特幣倖存了十六年的開源對手測試。” “如果美國財政部可以舉行沒收的比特幣並公開辯論如何管理，那麼巴西是一種具有復雜支付付款的經濟體 - 必須至少評估戰略分配是否有意義。”

Guerra’s advocacy dovetails with a 2024 bill by Congressman Eros Biondini, which would authorize the Central Bank of Brazil and the National Treasury to accumulate bitcoin alongside gold and foreign currency. The text has yet to reach committee, but Guerra calls it “a very important first step” that will “democratize a debate that ultimately concerns every Brazilian: the long-term purchasing power of our money.”

Guerra的倡導者與國會議員Eros Biondini的2024年法案相吻合，該法案將授權巴西中央銀行和國家財政部與黃金和外幣一起累積比特幣。文本尚未到達委員會，但瓜拉（Guerra）稱其為“非常重要的第一步”，該步驟將“使辯論最終與每個巴西人的辯論進行民主化：我們資金的長期購買力”。

Any reserve strategy would need “a clear governance framework—who custodies the keys, what disclosure cadence, what risk metrics,” he added, but argued that Brazil’s post-hyperinflation institutions are mature enough for the task. The Central Bank’s track record with PIX instant payments and the ongoing wholesale CBDC pilot, Drex, proves the state can deliver complex digital infrastructure, though he was careful to draw sharp boundaries between CBDCs, altcoins and bitcoin itself.

他補充說，任何儲備策略都需要“一個明確的治理框架，誰能保留鑰匙，什麼披露節奏，什麼風險指標”，但他說，巴西的雜種後富裕機構已經足夠成熟。中央銀行通過PIX即時付款和正在進行的CBDC飛行員DREX的往績證明了該州可以提供複雜的數字基礎設施，儘管他小心地在CBDC，AltCoins和Bitcoin本身之間劃定了急劇的界限。

“Three confusions dominate in Brasília,” observed Guerra. “First, lumping bitcoin together with every other crypto asset; second, equating it to Drex; third, reducing it to ‘just blockchain.’ They are three entirely different animals.” For Guerra, the macro case is straightforward: Brazil’s public investment gap is widening even as its dollar reserves earn negative real yields, and a hard-capped digital asset could serve as an intergenerational store of value akin to a sovereign wealth fund.

瓜拉觀察到：“布拉西利亞的三個混亂占主導地位。” “首先，將比特幣與其他所有加密資產結合在一起；其次，將其等同於Drex；第三，將其簡化為'Just Blockchain'。它們是三個完全不同的動物。”對於Guerra而言，宏觀案例很簡單：即使其美元儲備金獲得了負面的實際收益率，巴西的公共投資差距也正在擴大，並且硬封面的數字資產可以作為類似於主權財富基金的價值的代際商店。

If we’re proud of hosting COP 30 and speaking of future stewardship, preserving purchasing power for the next generation is part of that duty.

如果我們為主持Cop 30和未來的管理而感到自豪，那麼為下一代保留購買力就是這一職責的一部分。

Pedro Guerra, chief of staff to the vice president of Brazil

巴西副總裁的參謀長Pedro Guerra

"If we’re proud of hosting COP 30 and speaking of future stewardship, preserving purchasing power for the next generation is part of that duty," he said, referring to bitcoin’s 21 million unit limit and censorship-resistant settlement layer.

他說：“如果我們為主持30號警察和未來的管理而感到自豪，那麼為下一代保留購買力就是這一職責的一部分。”

Ulrich, who lived through the country’s 1980s hyperinflation, concurred that ignorance of basic monetary mechanics plagues policymaking. Guerra agreed, recalling that in two decades of party work “everyone talks fiscal adjustment, no one asks ‘what is money?’” He cited former Central Bank president Gustavo Franco—“Currency is a national symbol; it must have purchasing power”—to underline that reserve debates are as much about identity as spreadsheets.

烏爾里希（Ulrich）生活在該國1980年代的過度通貨膨脹中，他同意對基本貨幣力學的無知困擾著決策。格拉（Guerra）同意，回憶說，在二十年的派對工作中：“每個人都在談論財政調整，沒有人問'什麼是錢嗎？'”他援引前中央銀行總裁古斯塔沃·佛朗哥（Gustavo Franco）援引“貨幣是國家的象徵；它一定具有購買力” - 強調儲備的辯論與換檔一樣多。

Inside the government, Guerra says reactions have been “surprisingly positive.” While acknowledging silent skeptics, he reported encouragement from economists and civil servants intrigued by the fiscal diversification angle. Criticism has focused less on principle than on implementation questions, especially custody. But Guerra insists those technicalities are solvable: “The benefits of even a modest pilot position outweigh the complications.”

在政府內部，瓜拉（Guerra）說，反應“令人驚訝的是積極”。在承認沉默的懷疑論者的同時，他報告了經濟學家和公務員的鼓勵，對財政多樣化的角度感興趣。批評的重點少於原則，而不是實施問題，尤其是監護權。但是格拉堅持認為這些技術是可以解決的：“即使是謙虛的飛行員位置的好處，都超過並發症。”

The chief of staff plans to brief Vice-President Alckmin and relevant cabinet members in the coming weeks, after which the government may submit comments on the Biondini bill or propose an alternative framework. In parallel, Guerra is encouraging think-tanks to model optimal position sizing relative to Brazil’s $350 billion reserve portfolio.

參謀長計劃在接下來的幾週內簡要介紹副總裁Alckmin和相關內閣成員，此後，政府可以對Biondini法案提交評論或提出替代框架。同時，瓜拉（Guerra）鼓勵智囊團與巴西3500億美元的儲備金組合建模最佳位置大小。

At press time, BTC traded at $84,631.

發稿時，BTC的交易價格為84,631美元。