Brazil, a BRICS nation that has the largest economy in South America is making moves towards bitcoin adoption. With over half of South America's GDP and being ranked 10th in the world, Brazil has sought to create their own strategic Bitcoin reserve back in November of 2024. This reserve would mandate the use of cold wallets for storage and decentralized back up protocols to safeguard their assets, and if approved, would enable the government to allocate up to 5% of the country's international reserves in bitcoin. Brazil has about 16% of their 212,583,858 population engaging in crypto-related activities.
Although there seems to be no update in regards to the current status of the proposed SBR bill, another bill was introduced recently that would seek to legalize the use of Bitcoin to pay salaries and benefits. The proposed bill allows employees to receive a portion of their salaries in Bitcoin which would be voluntary agreement between employers and employees.
Additionally, a Brazilian cashback firm, Méliuz, has announced that it has purchased 10% of its cash reserves in Bitcoin. They recently spend $4.1 million to purchase 45.72BTC at an average price of $90,296. Méliuz has become the first publicly traded Brazilian business to allocate a large part of its capital to Bticoin. The firm's chairman and majority shairholder, Israel Salmen, said to Brazil Journal, “We see bitcoin as a long-term store of value. We have no interest in selling the bitcoins we buy. We are not traders. We want to build value over the long term." Méliuz appears to be interested in adopting the same strategy as Strategy (formerly Microstrategy).
It seems like the suddenly part of "slowly, then suddenly" is starting to gain momentum as global governmental and institutional adoption is growing., thus potentially creating an international sense of FOMO and playing right into the hands of game theory Bitcoin acquisition.
Thank you for your time and attention, I hope you found this informative. Happy stacking.
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