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Brazilian Congressman Eros Biondini has proposed for the nation to create its own Bitcoin (BTC) reserve.
Biondini’s bill proposes creating a “Reserva Estratégica Soberana de Bitcoins (RESBit)” with up to 5% of Brazil’s international reserve funds—currently amounting to about $372 billion. Bitcoin would be added to the reserve through a phased acquisition strategy.
The proposed bill argues that a Bitcoin reserve could help make Brazil’s economy more resilient to currency fluctuations and geopolitical turmoil. The document also referenced El Salvador’s adoption of Bitcoin as its legal tender and the approval of Bitcoin spot exchange-traded funds (ETFs) in the United States as innovative national Bitcoin strategies.
The El Salvador model
El Salvador is an apt example, given that the country now fares much better compared to when it adopted Bitcoin as its legal tender back in 2021. Trading Economics data shows that the country’s gross domestic product (GDP) stood at a little over $29 billion, it reached over $34 billion in 2023 — over 17% higher.
Despite this, global financial policy-shaping organizations have put pressure on El Salvador to limit its adoption of Bitcoin. In early October, the International Monetary Fund (IMF) urged El Salvador to strengthen its oversight over Bitcoin transactions in the country.
IMF spokesperson Julie Kozack said at the time that El Salvador should limit both its Bitcoin adoption and the public sector’s exposure to it. In mid-May, data released by the country’s “Bitcoin Office” showed that El Salvador could hold up to 5,750 BTC.
More recent developments may also result in additional boons for states that decide to adopt Bitcoin. Recent reports indicate that El Salvador could become a key ally for incoming U.S. President Donald Trump.
Many see the president-elect as the champion of the United States crypto sector and expect him to align with other crypto-friendly countries. With Trump unafraid of questioning long-established geopolitical balances to seek new ones, it is hard to rule out further changes.
