Bitcoin is flying high — These countries are looking at national reserves

Some countries are thinking about the nation Bitcoin Reserve amid a historic market that has driven the world’s largest cryptocurrency to new heights in recent weeks, BTC surpassed $100,000 for the first time earlier this month.

United States President-elect Donald Trump and his allies have repeatedly thrown their support behind a bill to cap the Federal Reserve and are poised to make it a reality soon.

Brazilian government officials have also drafted legislation to make this possible Politicians in Poland and Russia have backed the idea of ​​adding digital currency to their countries’ balance sheets.

El Salvador has gradually accumulated BTC in its reserves since 2021, making Bitcoin legal tender, bringing responsibility and now President Bukele taking a victory lap.

It’s unclear whether other countries will stock Bitcoin anytime soon, but one thing is clear: Interest in holding the token as a reserve asset has grown. Here’s who’s looking at the national Bitcoin stock.

United States

Several US lawmakers have pushed for a strategic Bitcoin reserve.

Senator Cynthia Lummis of Wyoming opened last spring A bill called the Bitcoin Act This calls for the US to receive 200,000 Bitcoins annually over a five-year period, or 5% of the token’s total supply.

Bitcoin is stored in a “decentralized network of secure Bitcoin vaults managed by the United States Treasury Department,” and token purchases are made by diversifying the Federal Reserve’s holdings, such as bonds, loans and gold.

So is President-elect Donald Trump “approved strategic Bitcoin reserves” last July at BTC 2024 in Nashville many crypto-related promises he is expected to be respected once he takes office.

“It will be my administration’s policy … to retain 100% of the bitcoins that the US government currently owns or purchases into the future,” Trump said at the event.

There are also efforts to create Bitcoin reserves at the state level.

A The Texas Legislature has introduced a bill Last week, it ordered the state to create a Bitcoin vault, with funds in the reserve held for at least five years. At the same time, similar bill offered in Pennsylvania in November.

Brazil

The Brazilian government has proposed a bill that would green-light a national bitcoin reserve.

The Sovereign Strategic Bitcoin Reserve (RESBit) accounts for 5% of Brazil’s international reserves. lawsFiled on November 25. It aims to diversify the assets of the Brazilian treasury.

Introducing bitcoin into the treasury “will reduce Brazil’s exposure to exchange rate fluctuations and geopolitical risks and increase economic stability,” Federal Deputy Eros Biondini said in the proposed bill.

According to the proposal, the Central Bank of Brazil will jointly manage the Bitcoin reserve with the Ministry of Finance. These funds will be used to support Brazil’s CBDC, known as Drex. Bitcoin will be stored in cold wallets, according to the bill.

Poland

Polish presidential candidate Slawomir Mentzen advocated the creation of a strategic Bitcoin reserve, as well as the adoption of crypto-friendly laws and regulations in Poland.

“If I become the president of Poland, our country will become a cryptocurrency paradise with very friendly regulations, low taxes and a supportive attitude of banks and regulators,” Mentzen said. said In his latest post on X (formerly known as Twitter).

“It’s time for Polish politicians to look to the future,” said the politician said in another X post.

A far-right nationalist candidate is coming third in the Eastern European country’s election. It is unclear whether Mentzen’s political opponents also support the creation of a strategic Bitcoin reserve.

Russia

In December, Russian MP Anton Tkachev proposed the creation of a national bitcoin reserve, according to the state news agency. Ria said.

This push came after several Russian lawmakers proposed in November to create a cryptocurrency in the “state treasury,” despite the opposition of Anatoly Aksakov, chairman of the Russian State Duma Committee.

They also managed to pass legislation this fall that would legalize crypto mining and the use of digital assets for international payments.

Russia’s recent change of tone on crypto suggests that the Eastern European country may be reconsidering the issue of a strategic Bitcoin reserve, at least one of which it has already supported.

In 2021 interview With the Russian news agency InterfaxDeputy Minister of Foreign Affairs Alexander Pankin said that the country is open to partial exchange of US dollar reserves and trade settlements with other currencies, including cryptocurrencies.

Russia may exchange the US dollar for various national currencies, as well as “in the future, perhaps some digital assets,” Pankin said.

Japan

Japanese lawmaker Satoshi Hamada submitted an official appeal Japan’s legislature in December to initiate a debate on the creation of a national Bitcoin reserve.

Hamada’s party holds just two seats in Japan’s National Diet, but there are other Bitcoin supporters in the legislature — in October, Democratic People’s Party leader Yuichiro Tamaki proposed tax cuts and regulatory reform for crypto owners and companies in Japan.

Edited by Andrew Hayward and the Sebastian Sinclair

Editor’s note: This story was originally published on November 30, 2024. It was last updated on December 15 with new information.