Brazil intro'd Bill to establish BTC Reserve
Brazil is famous the world over for a few things - Carnival festival, Brazilian backsides, rampant periods of inflation and corruption and to a lesser degree their continued investment in bio-fuels since the 1970's.
Earlier today Brazil hit a new global milestone by filling to establish their own BTC reserve
Officially entered the Bill in Brazil's Chamber of Deputies. Officially it will be known as Bitcoin Sovereign Strategic Reserve (RESBit) to diversify the country’s Treasury.
What would the Brazilian BTC Reserve look like?
Their Bill calls for allocating 5% of their treasury towards BTC Reserve
Why create their own Strategic BTC Reserve
One has to assume they want to own a portion of the limited asset BTC , recall only 21M tokens ever! Value from scarcity!
Brazils dual strategy.
Earlier today I wrote about Chainlink assisting Brazil with their global CDBC Inter-operability's. And the other side is establishing their own Bitcoin Strategic Reserve. Makes me wonder which one will win out in the end? I think I know but will have to wait and see.
Summary
Its no secret that the inbound Trump administration has laid out plans for a US based Strategic Bitcoin reserves. Now it seems this notion has gained traction among various governments and is being touted as an economic safeguard and political rallying point. You understand the supply ramifications?
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