David Edwards
Bitcoin is increasingly recognized as a potential reserve asset by lawmakers and regulators across five continents. As a transferable store of value, Bitcoin is being evaluated for inclusion in central bank reserves to diversify portfolios and facilitate transactions.
Czechia’s Bitcoin Reserve Plans
Czechia recently garnered attention as the latest country exploring Bitcoin as a foreign exchange reserve. On January 5, Aleš Michl, Governor of the Czech National Bank (CNB), confirmed the institution is considering Bitcoin as part of its diversification strategy.
US and Brazil Lead Bitcoin Reserve Discussions
El Salvador remains the only nation with an established Bitcoin reserve, owning 6,022 BTC valued at over $560 billion at the time of writing. However, the United States and Brazil are positioned to join El Salvador in adopting Bitcoin as a reserve asset.
United States
Cryptocurrency became a focal point in the 2024 U.S. federal elections, with politicians addressing crypto policies to appeal to voters and secure funding. President-elect Donald Trump has expressed strong support for cryptocurrency, advocating for the U.S. to lead globally in the sector.
A bill in Congress, introduced by Senator Cynthia Lummis, proposes the establishment of a U.S. Bitcoin reserve. The legislation, known as the BITCOIN Act of 2024, would require the Treasury to acquire 1 million BTC over five years, with annual purchases of 200,000 BTC. However, with an estimated $18 billion cost at current prices and lingering skepticism among American voters, the bill faces significant hurdles despite Republican majorities in Congress.
Brazil
In Brazil, lawmakers introduced a bill on November 25 advocating for the creation of a Sovereign Strategic Bitcoin Reserve (RESBit). The reserve aims to stabilize the Brazilian real and protect sovereign reserves from currency volatility and geopolitical risks. The proposed legislation allows for a 5% Bitcoin allocation in the nation’s reserves and is under review by various commissions and committees.
Global Bitcoin Reserve Momentum
Cointelegraph’s map highlights nine countries actively considering Bitcoin reserves, spanning five continents. Countries like Switzerland and Poland are reportedly evaluating similar initiatives, reflecting Bitcoin’s growing influence as a global financial asset.
