Article reprinted from: Felix
Author: Liz Napolitano, Decrypt
Translation: Felix, PANews
Driven by a historic market surge, some countries are considering establishing national Bitcoin reserves, as Bitcoin, the world's largest cryptocurrency, reached new highs in recent weeks, breaking the $100,000 mark for the first time earlier this month.
Donald Trump, the elected President of the United States, and his allies have repeatedly supported a bill to reserve Bitcoin with the Federal Reserve, and this goal may soon be realized.
Brazilian government officials have also proposed legislation to realize this possibility, while politicians in Poland and Russia support the idea of adding digital currencies to their national balance sheets.
El Salvador is leading the way by designating Bitcoin as legal tender and gradually accumulating Bitcoin as its reserve since 2021.
While it remains unclear whether other countries will genuinely reserve Bitcoin in the short term, one thing is evident: interest in holding the token as a reserve asset has reached a fervent level. Here are the countries considering establishing national Bitcoin reserves.
United States
Several U.S. lawmakers have pushed for the establishment of a strategic Bitcoin reserve.
Wyoming Senator Cynthia Lummis proposed a bill called the 'Bitcoin Act' last spring, which proposed that the U.S. purchase up to 200,000 Bitcoins annually over five years, or 5% of the total supply of the token.
Bitcoin will be stored in a 'decentralized secure Bitcoin vault network operated by the U.S. Treasury,' and the token acquisition will be completed through the diversification of existing Federal Reserve funds (such as bonds, loans, and gold).
Last July, elected President Donald Trump also supported the 'strategic Bitcoin reserve' at BTC 2024 in Nashville—one of many crypto-related promises he hopes to fulfill after taking office.
Trump stated at the event: 'This will be the policy of my administration... to hold 100% of all Bitcoin currently held or acquired by the U.S. government into the future.'
At the state level, efforts to establish Bitcoin reserves are also underway.
A Texas state legislator proposed a bill last week suggesting the state establish a Bitcoin reserve to hold for at least five years. Meanwhile, a similar bill was also proposed in Pennsylvania in November.
Brazil
The Brazilian government proposed a bill to establish a national Bitcoin reserve.
According to proposed legislation submitted on November 25, the Bitcoin Sovereign Strategic Reserve (RESBit) will account for 5% of Brazil's international reserves. Its goal is to diversify the assets of Brazil's Treasury.
Federal deputy Eros Biondini stated in the proposed bill that incorporating Bitcoin into the treasury 'would reduce Brazil's exposure to exchange rate fluctuations and geopolitical risks, enhancing economic resilience.'
According to the proposal, the Central Bank of Brazil will collaborate with the Treasury to manage the Bitcoin reserves. These funds will be used to support Brazil's CBDC, called Drex. According to the bill, Bitcoin will be stored in a cold wallet.
Poland
Polish presidential candidate Sławomir Mentzen advocates for the establishment of a strategic Bitcoin reserve and supports cryptocurrency-friendly laws and regulations in Poland.
Sławomir Mentzen stated in a post on X (formerly Twitter): 'If I become the President of Poland, our country will become a haven for cryptocurrencies, with very friendly regulations, low taxes, and a supportive attitude from banks and regulators.'
The politician stated in another post on X: 'It's time for Polish politicians to look to the future.'
This far-right nationalist candidate ranks third in polls in Eastern European countries. It is still unclear whether Mentzen's political opponents also support the establishment of a strategic Bitcoin reserve.
Russia
According to Russian state news agency Ria, in December last year, Russian parliamentary representative Anton Tkachev proposed the establishment of a national Bitcoin reserve.
Last November, several Russian lawmakers proposed establishing a 'cryptocurrency reserve' in the 'Treasury,' but this was opposed by Anatoly Aksakov, chairman of the Russian State Duma committee.
They also successfully passed legislation this fall to legalize cryptocurrency mining and the use of digital assets for international payments.
Russia's recent shift in attitude towards cryptocurrencies suggests that it may reconsider the issue of a strategic Bitcoin reserve, as at least one senior Russian official has previously expressed support for the proposal.
In a 2021 interview with the Russian International News Agency, Deputy Foreign Minister Alexander Pankin expressed a willingness to replace the country's dollar-based reserves and trade settlements with other currencies, including cryptocurrencies.
Alexander Pankin stated that Russia may replace the dollar with various national currencies, 'and in the future, there may be some form of digital asset.'
Japan
Japanese legislator Satoshi Hamada formally requested discussions on establishing a national Bitcoin reserve in Japan in December.
The party of Satoshi Hamada holds only two seats in the Japanese parliament, but there are other Bitcoin supporters in the legislature—In October, the leader of the Constitutional Democratic Party, Yuichiro Tamaki, proposed tax cuts and regulatory reforms for cryptocurrency holders and companies in Japan.
Related reading: 'The tide of 'strategic reserves' rises; will Bitcoin reshape the 'balance sheets' of sovereign nations and corporate institutions?'
