Just In: Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve

BlackBoss_

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Quote from: Dave1 on Today at 01:31:23 AM

I just scanned some on reddit, but it's just the usual comments and maybe Brazilians are not aware of this news?

Perhaps we need to hear from the our Brazilian community here as to what their take here or what it seems that there is not much of a news about this as this could really be very big in their country.

Nevertheless, I will have to agree that somewhat Donald Trump have influenced several pro-Bitcoin politicians around the world that's why there are bills around to make Bitcoin as a strategic reserves.

Big news in a nation in policy change will be celebrated by local citizens first. This one is only a bill and whether it will be approved, belongs to future. However, locals have more reasons to feel exciting with this new and this proposal bill than we as people from other countries.

They as locals, understand more about their government, law and things are going on than outsiders like us. I agree with you that we will need to wait for opinions from locals in Brazil, and perhaps @bitmover will join this discussion with his opinion and more information for us.

Dave1

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Quote from: d5000 on Today at 12:26:25 AM

I was also interested if the Brazilian mainstream media took note of the project. There seem to be few articles but at least I found this one (not very detailed, my Portuguese is not very good though).

I just scanned some on reddit, but it's just the usual comments and maybe Brazilians are not aware of this news?

Perhaps we need to hear from the our Brazilian community here as to what their take here or what it seems that there is not much of a news about this as this could really be very big in their country.

Nevertheless, I will have to agree that somewhat Donald Trump have influenced several pro-Bitcoin politicians around the world that's why there are bills around to make Bitcoin as a strategic reserves.

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Quote from: DeathAngel on November 26, 2024, 02:31:11 PM

Yes it needs to be passed I believe. If’s not really news unless it gets signed into law by the President. I hope it will pass but I never get excited about tgis type of news until it is signed, sealed & delivered.

The law maker who proposed the bill is in the opposition. I just hope he will be able to gain the support of other legislatures to get the bill passed into law. The influence of Trump is already at work, countries have begun to copy his policies even before he is sworn in as president.

Quote from: Z-tight on November 26, 2024, 10:22:27 PM

It seems centralized governments are going to be holding a lot of BTC in their reserves, this time not coins they confiscated, but coins that they bought to store in their reserves, just as most of them have gold reserves. There is a sentiment among some bitcoiners that this might not really be as good as we think, if they hold so much coins, it could be that they can manipulate the price of BTC if they want. I don't know if it is enough to be worried, but we'll see what happens if the U.S. and other countries create a strategic BTC reserve.

It is indeed a shift from the norm of keeping seized Bitcoin. The government is waking up to the fact that the Bitcoin national race has begun and they don't want it be left behind. The market is not restrictive, there are no avenues to stop the government from acquiring as much Bitcoin as they can. So we have to accept the fact that a large amount of Bitcoin will end up in the custody of centralized bodies.

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Interesting. I looked a bit into it. The politician who introduced the law project is Eros Biondini, his bio with some info is here: https://www.camara.leg.br/deputados/160640 . There is also a Wikipedia site about him.

He's part of the Partido Liberal (PL), which is currently in opposition to the government, but on the other hand it's the currently biggest bloc in the Lower House. This makes it probably unlikely for this law to be approved, but also not totally irrelevant.

The PL was one of the parties who supported the former president Jair Bolsonaro, who is aligned internationally with Trump. It is thus likely that they want to capitalize locally from Trump's promise of a strategic reserve.

Seeing the distribution of parties in the Chamber of Deputies, if they could unite all opposition parties and independents behind the project, then the law would be approved, as the center-left government coalition has no absolute majority and thus can't block it.

I was also interested if the Brazilian mainstream media took note of the project. There seem to be few articles but at least I found this one (not very detailed, my Portuguese is not very good though).

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I have been looking in the different news to see if it said anything about deadlines, once the bill has been introduced, how long it would take to be approved (if it is finally approved) and how long it would take to come into force but I can't find anything. I have asked ChatGPT and he doesn't tell me anything either, he says it is variable. I was just curious to see if they could get ahead of the assumption that Trump in January could with an executive order to start buying bitcoin.

Z-tight

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It seems centralized governments are going to be holding a lot of BTC in their reserves, this time not coins they confiscated, but coins that they bought to store in their reserves, just as most of them have gold reserves. There is a sentiment among some bitcoiners that this might not really be as good as we think, if they hold so much coins, it could be that they can manipulate the price of BTC if they want. I don't know if it is enough to be worried, but we'll see what happens if the U.S. and other countries create a strategic BTC reserve.

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seems like strategic bitcoin reserve is imminent for countries around the world and if it did happen around the world I can imagine bitcoin's stance as being hailed for being a hedge against inflation and store of value getting stronger, I think it is even possible that once every countries following the hype of creating strategic bitcoin reserve, we won't be seeing any cyclical bitcoin bearish season but instead it's just full bullish from here on.

Baofeng

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Yeah, possible that this is the Trump 2.0 effect, every country is not wanting to make Bitcoin as a strategic reserve. I mean it's a win-win so why not do it today? still not late even though we are aiming for a $100k price in this bull run.

This is government though, they can simply put some money on them without thinking and then go on the next 4 years and see how it goes. Microstrategy has proven a point already, that buying and having a Bitcoin reserved is good as it can make a huge profits in Billions of dollar. So it's very effective method so why not do it by Brazil and other poor countries as well?

Alphakilo

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I wouldn't be any excitement about this. This is what we are reading. You can even go wrong with having a strategic Bitcoin Reserve. These are the things that will increase more adoption of Bitcoin worldwide.
Poor countries know the right thing to do to improve their economy but they are too scared of change because of the fear of the unknown. Besides the growing adoption, the increase in price that comes with. It is a win situation for them.

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Quote from: DeathAngel on November 26, 2024, 02:31:11 PM

Quote from: FortuneFollower on November 26, 2024, 02:24:29 PM

Now it's needed for it to be passed, right?
More analysis is needed for this news, however, in any case - it's great to see such a development.
Cudos to Brazil Cool

Yes it needs to be passed I believe. If’s not really news unless it gets signed into law by the President. I hope it will pass but I never get excited about tgis type of news until it is signed, sealed & delivered.

I will say it's already news since it has been proposed already. The only difference will be that when it's passed ruling and the majority votes in its favour, then we will talk about it being good news and not just any old news.

We, it's good to see countries making such bold steps; Trump has opened ways for them, and once one finally starts the accumulation process for the reserve, which I believe will happen anytime soon, then more of this kind of proposal will keep on popping up.

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Quote from: Jating on November 26, 2024, 02:05:05 PM

Is this the result of Trump wanting Bitcoin to be a National reserve? And now there are more countries replicating his stance like Brazil?

Possibly, they're trying to do it even before Trump gets into office so, they're following the trend. I think that this is one of the best things in the world nowadays. We'd see country after country trying to make a law for their nation like this bitcoin reserve. Countries that will have it won't just have a gold reserve but also will have a bitcoin reserve. Are we going to see the race for who's going to accumulate the most of it? maybe we're already on that era and narrative and that's why the price will shoot not just for this bull run but this will be continuous.

Quote from: Jating on November 26, 2024, 02:05:05 PM

And as there any more countries going to follow what US has set? For sure as Bitcoin enthusiast, we love to see this kind of news and we all know that we have a lot of Brazilians too in this community.

I don't know yet but aside from that, some might just declare bitcoin is legal to them and up to the point that they will make it as a legal tender.

avp2306

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Quote from: Jating on November 26, 2024, 02:05:05 PM

https://www.camara.leg.br/proposicoesWeb/prop_mostrarintegra?codteor=2825474&filename=PL%204501/2024

Is this the result of Trump wanting Bitcoin to be a National reserve? And now there are more countries replicating his stance like Brazil?

And as there any more countries going to follow what US has set? For sure as Bitcoin enthusiast, we love to see this kind of news and we all know that we have a lot of Brazilians too in this community.

Seems Brazilian government think something great for doing this since before US could make a first move for making bitcoin as their global reserve they take action first. I guess this is another good development in the scene and provably once this countries will successfully made this action to happen more countries will also follow what they do.

Can't imagine on where we are heading in terms of price turn out of more demands coming and lucky for those people who decide to hold since provably that they would earn more if more situation like this will be implemented.

Looking for more good development to come in future.

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Quote from: coolcoinz on November 26, 2024, 03:25:06 PM

Hopefully they do it because it looks like this is only a project that needs to pass through parliament and then be signed by the president.

It's only a matter of time before more countries try the same thing, especially after El Salvador did it and it did not destroy its economy. On the contrary, it made the country hit the news more often. It made people visit, lead bitcoiners to invest there with Max Keiser being one of the first to do it.

It's going to be an interesting year for Bitcoin.

The action of El Salvador made people from other parts of the world curious to their country. And yes, some people made a visit and have a tour in their country. And if the US will be more vocal in terms of supporting this technology owed to the new SEC Chair, I highly believe that people will talk and will possibly change their stance over the crypto market.

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Quote from: Aanuoluwatofunmi on November 26, 2024, 02:59:09 PM

This is a first step to more better achievements concerning bitcoin in Brazil, i was like waiting to hear the news of the next country to adopt bitcoin as a legal tender, maybe this is what most of the aspiration could be regarding any breaking news about bitcoin, this end of the year could mark the fervent transcend of bitcoin most ever recognition, because this year itself has been a season for bitcoin following the series of events and activities that happened and with the hope for more to come, once again, congratulation to Brazil over this achievement and more to come.

I believe countries are now seeing the advantages Bitcoin offers them and they will benefit more adopting Bitcoin than trying to be against it. I see some people giving Donald Trump credit for this, even though I believe US is a world power and has influence on other countries decisions, I would still recognise Salvador's contribution in all of this and I think other countries are seeing how the impact of their decision is favouring them.

So I think Brazilians should just keep their fingers crossed and hope this bill is accepted and passed to law but I am very sure this would benefit them as a nation.

coolcoinz

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Hopefully they do it because it looks like this is only a project that needs to pass through parliament and then be signed by the president.

It's only a matter of time before more countries try the same thing, especially after El Salvador did it and it did not destroy its economy. On the contrary, it made the country hit the news more often. It made people visit, lead bitcoiners to invest there with Max Keiser being one of the first to do it.

It's going to be an interesting year for Bitcoin.

Aanuoluwatofunmi

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This is a first step to more better achievements concerning bitcoin in Brazil, i was like waiting to hear the news of the next country to adopt bitcoin as a legal tender, maybe this is what most of the aspiration could be regarding any breaking news about bitcoin, this end of the year could mark the fervent transcend of bitcoin most ever recognition, because this year itself has been a season for bitcoin following the series of events and activities that happened and with the hope for more to come, once again, congratulation to Brazil over this achievement and more to come.

Jegileman

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Quote from: Jating on November 26, 2024, 02:05:05 PM

Is this the result of Trump wanting Bitcoin to be a National reserve? And now there are more countries replicating his stance like Brazil?

Yes, Donald Trump’s move to make bitcoin a national reserve will attract a lot of countries to follow in its footsteps. The US government is a very strong one and a nation that has a more pivotal control and decision on bitcoin adoption all around the globe. It baffles me before, but now I’m no longer worried to see countries following in the footsteps of US.

Quote

And as there any more countries going to follow what US has set? For sure as Bitcoin enthusiast, we love to see this kind of news and we all know that we have a lot of Brazilians too in this community.

This is great news and it’ll even become a more greater news of all this are passed into law and actively working. More countries will follow in their footsteps and that will bring some sigh of hope to the bitcoin community. For sure, these are the types of news we always love to hear about bitcoin.

DeathAngel

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Quote from: FortuneFollower on November 26, 2024, 02:24:29 PM

Now it's needed for it to be passed, right?
More analysis is needed for this news, however, in any case - it's great to see such a development.
Cudos to Brazil Cool

Yes it needs to be passed I believe. If’s not really news unless it gets signed into law by the President. I hope it will pass but I never get excited about tgis type of news until it is signed, sealed & delivered.

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Now it's needed for it to be passed, right?
More analysis is needed for this news, however, in any case - it's great to see such a development.
Cudos to Brazil Cool

Jating

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https://www.camara.leg.br/proposicoesWeb/prop_mostrarintegra?codteor=2825474&filename=PL%204501/2024

Is this the result of Trump wanting Bitcoin to be a National reserve? And now there are more countries replicating his stance like Brazil?

And as there any more countries going to follow what US has set? For sure as Bitcoin enthusiast, we love to see this kind of news and we all know that we have a lot of Brazilians too in this community.

Topic: Just In: Brazil’s Congress Introduces Bill To Create Strategic Bitcoin Reserve (Read 135 times)