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Brazil’s Chamber of Deputies will deliberate on a new bill to create a Strategic Bitcoin Reserve for the country. This is significant as it is bullish for Bitcoin’s adoption and could mark the genesis of mass adoption among nation-states.
Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve
Member of Brazil’s Chamber of Deputies Eros Biodini has introduced a bill to create a Strategic Bitcoin Reserve. As highlighted in the Bill, Bidoni proposes that the country allocate up to 5% of international reserves to buy Bitcoin. This means they could buy up to $3 billion worth of BTC.
This is bullish for the Bitcoin price, seeing how countries are opening up to the idea of adopting the flagship crypto as a reserve asset. Brazil looks to be following in the footsteps of countries like El Salvador and Bhutan, which have already adopted a Bitcoin strategyy.
It is worth mentioning that the US is also likely to create this Strategic Bitcoin Reserve when President-elect Donald Trump comes into office on January 20, 2025.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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