Chile nation-state mining lobbyist Andrés Villagrán pushing for Bitcoin reserve

?

Activity: -

Merit: -

Quote from: Lucius on January 08, 2025, 06:40:54 AM

Quote from: Smack That Ace on January 07, 2025, 08:30:55 AM

~snip~
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.

I'm also skeptical about it becoming a reality, but considering who the US president is and what kind of people he surrounds himself with, I wouldn't be surprised by any decisions regarding cryptocurrencies - be they positive or negative, short-term or long-term. It has always been much more realistic for me to expect that less developed countries will be the ones to support BTC in some way.

In the long term, it seems to me that the entanglement of high politics and national interests in the context of Bitcoin will not end well. They are all obsessed with having as much control as possible, and how are you going to control something that is decentralized?

Only if they have enough that would be possible, but it simply wouldn't be true.
Do you think the US or others wants the reserves to control Bitcoin? - I do think that now their goal would be the biggest out there regarding reserves, but not the amount to be "in control", of course. They want the prestige of being the leading power in that regard. Trump loves flashy things like that.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Smack That Ace on January 07, 2025, 08:30:55 AM

~snip~
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.

I'm also skeptical about it becoming a reality, but considering who the US president is and what kind of people he surrounds himself with, I wouldn't be surprised by any decisions regarding cryptocurrencies - be they positive or negative, short-term or long-term. It has always been much more realistic for me to expect that less developed countries will be the ones to support BTC in some way.

In the long term, it seems to me that the entanglement of high politics and national interests in the context of Bitcoin will not end well. They are all obsessed with having as much control as possible, and how are you going to control something that is decentralized?

CryptoBuds

legendary

Activity: 2100

Merit: 1042

HODL

Quote from: kotajikikox on January 08, 2025, 04:12:33 AM

Quote

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

Why countries like El Salvador and the USA seem to be having an easy time with incorporating bitcoin to their economy is because their governments are united and have the same perspective to what bitcoin is and what it can do for their country. You would notice that the presidents of both countries are the ones that are actively pushing for bitcoin so I think as long as the leader of the country is convinced anything could be possible.

Currently, only El Salvador considers bitcoin as a national reserve, no other country does the same. What is happening in the United States is just a proposal by Senator Cynthia Lummis, a politician known to be very crypto-friendly. Apart from her, no other person or politician has discussed or agreed with this idea. Also, I hope you didn't miss Jerome Powell's recent statement that the Fed has also rejected the idea of bitcoin reserve.

I don't know about other countries but with the political polarization in the US, I don't think a bitcoin reserve proposal would be easy to pass even if proposed by the country's president.

FortuneFollower

copper member

Activity: 196

Merit: 6

Quote from: kotajikikox on January 08, 2025, 04:12:33 AM

Why countries like El Salvador and the USA seem to be having an easy time with incorporating bitcoin to their economy is because their governments are united and have the same perspective to what bitcoin is and what it can do for their country. You would notice that the presidents of both countries are the ones that are actively pushing for bitcoin so I think as long as the leader of the country is convinced anything could be possible.

They are still the same govs that do the regulations and halt the progress in many fields, so it's no wonder the things are so slow. We can only wait patiently for them to get resolved.

kotajikikox

sr. member

Activity: 2632

Merit: 259

Quote from: btc_angela on January 06, 2025, 07:41:14 AM

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).

I am not surprised that Chile hopes to hop on the bitcoin movement. With El Salvador starting the movement of incorporating bitcoin to the country's financial reserves and USA planning to do the same thing as well, other countries in the american continent would not want to be left alone.

Quote

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

Why countries like El Salvador and the USA seem to be having an easy time with incorporating bitcoin to their economy is because their governments are united and have the same perspective to what bitcoin is and what it can do for their country. You would notice that the presidents of both countries are the ones that are actively pushing for bitcoin so I think as long as the leader of the country is convinced anything could be possible.

?

Activity: -

Merit: -

Well , the Government would always find it difficult to adopt Bitcoin, and there are multiple reasons for it.
But they should take the footsteps of other countries like Ecuador and the rest , Bitcoin will really have an impact in future and so whatever is making them not to adopt Bitcoin should be tackled.
2025 would definitely be a good year.

Segmadis

member

Activity: 144

Merit: 10

I think that many countries are now beginning to realize that the total number of BTC will always be 21m, which means that at one point less people/institutions will have even 1BTC or they will be able to have of course.
That said if you are in MicroStrategy position now with marketcap going up you are set to only profit from this investment, of couse this is very long term strategy, but it is more or less the same with the different countries bonds.

fikrett

copper member

Activity: 126

Merit: 6

Quote from: goldkingcoiner on January 06, 2025, 10:07:33 AM

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.

It's just like with Trump - lots of promises, less actions.
But still - the ideas that sprung lately are wonderful to see. At least people start making guesses and discuss the matter.

Fiatless

hero member

Activity: 574

Merit: 554

Leading Crypto Sports Betting & Casino Platform

Quote from: btc_angela on January 06, 2025, 07:41:14 AM

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).

It's a proposal that some politicians are putting forth in some countries. Almost all nations will have at least one Bitcoin supporter who will want to capitalize on the pro-Bitcoin view of the incoming US president to push for a Strategic Bitcoin Reserve. It will take bravery for a country that receives financial support and advice from the IMF to implement this policy. Only El Salvador Bukele has had the guts to go against the dictates of the international lending body and went ahead with the country's Bitcoin accumulation policy.

Instead of joining the list of countries who want to buy Bitcoin and use it as a reserve currency, I would have suggested that Chile copy from the small nation Bhutan by engaging in accumulation through mining.

Smack That Ace

legendary

Activity: 2030

Merit: 1109

Free Free Palestine

Quote from: Lucius on January 07, 2025, 07:19:58 AM

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.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Don Pedro Dinero on January 06, 2025, 09:52:06 AM

Quote from: btc_angela on January 06, 2025, 07:41:14 AM

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.

goldkingcoiner

legendary

Activity: 2310

Merit: 2119

A Bitcoiner chooses. A slave obeys.

Quote from: btc_angela on January 06, 2025, 07:41:14 AM

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.

avikz

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.

Don Pedro Dinero

legendary

Activity: 1358

Merit: 1565

The first decentralized crypto betting platform

Quote from: btc_angela on January 06, 2025, 07:41:14 AM

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.

Botnake

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.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: btc_angela on January 06, 2025, 07:41:14 AM

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%.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Quote from: btc_angela on January 06, 2025, 07:41:14 AM

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.

moneystery

full member

Activity: 868

Merit: 202

Wheel of Whales 🐳

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.

btc_angela

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

Topic: Chile nation-state mining lobbyist Andrés Villagrán pushing for Bitcoin reserve (Read 177 times)