Author

Topic: Chile nation-state mining lobbyist Andrés Villagrán pushing for Bitcoin reserve (Read 65 times)

legendary
Activity: 2002
Merit: 1109
Free Free Palestine

Maybe I'm mistaken, but the addition of BTC to US strategic reserves is still only a proposal of one senator and is not something that is seriously considered. As far as can be read, even if such a decision were made, the question arises as to who would guard that BTC. Even if that happens, I wonder if it will cause FOMO among central banks - because after all, this is an asset that is still extremely volatile and therefore not very attractive to most.

Trump also mentioned this idea during his campaign and that could be seen as the start of recent stories about turning bitcoin into a reserve. Everyone was excited and putting their faith in Trump, and they started to FOMO even more when news came out that other countries were also interested in the idea. But most people forget that the Fed and central banks are the ones who manage national reserves. And the Fed also made a similar statement that it has no intention and does not agree with the idea of ​​using bitcoin as a national reserve.

Obviously this idea doesn't have much chance of becoming a reality in the near future. So I think we should be realistic instead of expecting things that are too far-fetched.
legendary
Activity: 3234
Merit: 5637
Blackjack.fun-Free Raffle-Join&Win $50🎲
Although this is going to be very tough as the Bank of Chile has rejected this idea.
No matter what, they will be forced to do so in the future, when bitcoin will be much more expensive. The good thing about this is that proposals like this are constantly being put forward in various countries. As soon as the USA sets up its SBR we will see how the state FOMO is unleashed.

Maybe I'm mistaken, but the addition of BTC to US strategic reserves is still only a proposal of one senator and is not something that is seriously considered. As far as can be read, even if such a decision were made, the question arises as to who would guard that BTC. Even if that happens, I wonder if it will cause FOMO among central banks - because after all, this is an asset that is still extremely volatile and therefore not very attractive to most.
legendary
Activity: 2282
Merit: 2057
A Bitcoiner chooses. A slave obeys.
In a series of Tweet from nation-state mining lobbyist Andrés Villagrán from Chile, he said that he had a meeting with Ministry of Finance and Senators about the potential of Bitcoin and the possibility that the country should adapt it as SBR (Strategic Bitcoin Reserve).



https://x.com/avillagran/status/1875345227579584641

Although this is going to be very tough as the Bank of Chile has rejected this idea.

Quote
The Central Bank of Chile has firmly rejected Bitcoin as a national reserve asset, citing regulatory and practical challenges. According to the institution, Bitcoin fails to meet the International Monetary Fund’s standards for reserve assets, which demand security, liquidity, and reliability. Legal restrictions further limit the bank’s reserves to traditional assets like gold and government-backed securities.

https://dig.watch/updates/chile-rejects-bitcoin-for-national-reserves

2025 is going to be a very exciting year for Bitcoin, hopefully.

But we all know how long these bureaucrats can take to decide on such things and then implement them. Could take years from now. But having meetings is a great start.
legendary
Activity: 3080
Merit: 1500
Banking as an industry, is the most insecure one when it comes to crypto adoption. So its no wonder that the central bank had rejected the idea of having Bitcoin as national reserve.

But that is fine! We surely cannot expect everyone to think alike. Also the problems and challenges are different for different countries. So when Switzerland is actively discussing this very same Idea, it's normal for other countries to have a different view on it. Honestly I do not want countries to invest in Bitcoin and keep it as a reserve.
legendary
Activity: 1358
Merit: 1565
The first decentralized crypto betting platform
Although this is going to be very tough as the Bank of Chile has rejected this idea.

No matter what, they will be forced to do so in the future, when bitcoin will be much more expensive. The good thing about this is that proposals like this are constantly being put forward in various countries. As soon as the USA sets up its SBR we will see how the state FOMO is unleashed.
hero member
Activity: 2856
Merit: 667
If banks rejected the idea, it’s hard to see this proposal getting approved. It seems like many nations are eyeing Bitcoin as a strategic reserve to secure their share of the supply. However, for now, these are just proposals and rumors. So far, only one nation has actually acted on it, and that is El Salvador, and they did it a long time ago. Hopefully, El Salvador can set a good example, and perhaps that success could help convince the bankers to come around.
legendary
Activity: 3234
Merit: 5637
Blackjack.fun-Free Raffle-Join&Win $50🎲
In a series of Tweet from nation-state mining lobbyist Andrés Villagrán from Chile, he said that he had a meeting with Ministry of Finance and Senators about the potential of Bitcoin and the possibility that the country should adapt it as SBR (Strategic Bitcoin Reserve).
---
Although this is going to be very tough as the Bank of Chile has rejected this idea.
~snip~


There has been no meeting yet - the supposed meeting should take place in 2025, but the whole story is meaningless considering the position of the Central Bank of Chile, which quotes the position of the IMF when it comes to BTC. In other words, every country that depends on the IMF and or any international financial institution will very likely have the same opinion on the subject.

The way things are going, it seems that every country will have at least one politician/lobbyist who will collect their political points on this topic - even if they are fully aware that their chances are less than 1%.
hero member
Activity: 2632
Merit: 787
Jack of all trades 💯
In a series of Tweet from nation-state mining lobbyist Andrés Villagrán from Chile, he said that he had a meeting with Ministry of Finance and Senators about the potential of Bitcoin and the possibility that the country should adapt it as SBR (Strategic Bitcoin Reserve).



https://x.com/avillagran/status/1875345227579584641

Although this is going to be very tough as the Bank of Chile has rejected this idea.

Quote
The Central Bank of Chile has firmly rejected Bitcoin as a national reserve asset, citing regulatory and practical challenges. According to the institution, Bitcoin fails to meet the International Monetary Fund’s standards for reserve assets, which demand security, liquidity, and reliability. Legal restrictions further limit the bank’s reserves to traditional assets like gold and government-backed securities.

https://dig.watch/updates/chile-rejects-bitcoin-for-national-reserves

It looks like many country are now showing some interest to make Bitcoin as their national reserve. If more country would announce this one provably that it make Bitcoin became more stronger and lots of country would provably follow.

This is how good when a powerful country like USA under Trump start their first move showing their support on Bitcoin since many countries will also look forward to follow what they do. If more good laws will be drafted in favor with Bitcoin then its expected that there are more countries which is speculating on the update towards Bitcoin might provably show up and do some good moves to do good move towards acquiring Bitcoin.
full member
Activity: 868
Merit: 202
we all know for sure that central banks are never happy with anything related to bitcoin; because they are the IMF's lackeys and they don't want bitcoin to be able to move further into a reserve. so if it is true that they can make bitcoin a national reserve that would be an extraordinary step, because so far what we have heard is that bitcoin is only used as legal tender, and if it becomes a reserve it will increase the value of bitcoin. this may be a difficult plan, but I hope something good can come of it.
hero member
Activity: 2660
Merit: 551
In a series of Tweet from nation-state mining lobbyist Andrés Villagrán from Chile, he said that he had a meeting with Ministry of Finance and Senators about the potential of Bitcoin and the possibility that the country should adapt it as SBR (Strategic Bitcoin Reserve).



https://x.com/avillagran/status/1875345227579584641

Although this is going to be very tough as the Bank of Chile has rejected this idea.

Quote
The Central Bank of Chile has firmly rejected Bitcoin as a national reserve asset, citing regulatory and practical challenges. According to the institution, Bitcoin fails to meet the International Monetary Fund’s standards for reserve assets, which demand security, liquidity, and reliability. Legal restrictions further limit the bank’s reserves to traditional assets like gold and government-backed securities.

https://dig.watch/updates/chile-rejects-bitcoin-for-national-reserves
Jump to: