推动比特币储备在巴西的势头

副总统杰拉尔多·阿尔克明（Geraldo Alckmin）的参谋长佩德罗·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.”

副总统杰拉尔多·阿尔克明（Geraldo Alckmin）的参谋长佩德罗·格拉（Pedro Guerra）向前敦促为巴西的主权储备添加比特币，认为该国不再能够忽略“地球上最严格的压力压力测试的货币网络。”

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.

该提案上个月首先浮出水面，当时瓜拉（Guerra）在议会“竞争性巴西阵线”就职典礼上偏离了准备好的讲话，以呼吁立法者“以与我们对财政框架和税收改革相同的认真程度学习比特币”。这种请求在布拉西利亚（Brasília）和更广泛的加密货币领域传播开来，他感到惊讶，但敌对却很少。

Push For Bitcoin Reserve Pursues Varying Interest Rates

推动比特币储备追求不同的利率

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.

政治助手阐述了这一倡议，并驳回了对经济学家和作家费尔南多·乌尔里希（Fernando Ulrich）进行一小时采访时的宣传策略。

“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.”

瓜拉说：“我们不是在谈论一个假设的实验；比特币幸存了十六年的开源对手测试。” “如果美国财政部可以举行没收的比特币并公开辩论如何管理，那么巴西是一种具有复杂支付付款的经济体 - 必须至少评估战略分配是否有意义。”

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的倡导者与国会议员Eros Biondini的2024年法案相吻合，该法案将授权巴西中央银行和国家财政部与黄金和外币一起累积比特币。文本尚未到达委员会，但瓜拉（Guerra）称其为“非常重要的第一步”，该步骤将“使辩论最终与每个巴西人的辩论进行民主化：我们资金的长期购买力”。

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.

他补充说，任何储备策略都需要“一个明确的治理框架，谁能保留钥匙，什么披露节奏，什么风险指标”，但他说，巴西的杂种后富裕机构已经足够成熟。中央银行通过PIX即时付款和正在进行的CBDC飞行员DREX的往绩证明了该州可以提供复杂的数字基础设施，尽管他小心地在CBDC，AltCoins和Bitcoin本身之间划定了急剧的界限。

“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.

瓜拉观察到：“布拉西利亚的三个混乱占主导地位。” “首先，将比特币与其他所有加密资产结合在一起；其次，将其等同于Drex；第三，将其简化为'Just Blockchain'。它们是三个完全不同的动物。”对于Guerra而言，宏观案例很简单：即使其美元储备金获得了负面的实际收益率，巴西的公共投资差距也正在扩大，并且硬封面的数字资产可以作为类似于主权财富基金的价值的代际商店。

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.

如果我们为主持Cop 30和未来的管理而感到自豪，那么为下一代保留购买力就是这一职责的一部分。

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

巴西副总裁的参谋长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.

他说：“如果我们为主持30号警察和未来的管理而感到自豪，那么为下一代保留购买力就是这一职责的一部分。”

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.

乌尔里希（Ulrich）生活在该国1980年代的过度通货膨胀中，他同意对基本货币力学的无知困扰着决策。格拉（Guerra）同意，回忆说，在二十年的派对工作中：“每个人都在谈论财政调整，没有人问'什么是钱吗？'”他援引前中央银行总裁古斯塔沃·佛朗哥（Gustavo Franco）援引“货币是国家的象征；它一定具有购买力” - 强调储备的辩论与换档一样多。

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.”

在政府内部，瓜拉（Guerra）说，反应“令人惊讶的是积极”。在承认沉默的怀疑论者的同时，他报告了经济学家和公务员的鼓励，对财政多样化的角度感兴趣。批评的重点少于原则，而不是实施问题，尤其是监护权。但是格拉坚持认为这些技术是可以解决的：“即使是谦虚的飞行员位置的好处，都超过并发症。”

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.

参谋长计划在接下来的几周内简要介绍副总裁Alckmin和相关内阁成员，此后，政府可以对Biondini法案提交评论或提出替代框架。同时，瓜拉（Guerra）鼓励智囊团与巴西3500亿美元的储备金组合建模最佳位置大小。

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

发稿时，BTC的交易价格为84,631美元。