Bitcoin reserves interest gains momentum across 5 continents

Key Points

  • Lawmakers and regulators across five continents are considering Bitcoin as a potential reserve asset.
  • El Salvador is the only country with an established Bitcoin reserve, holding over 6,000 BTC.
  • The US and Brazil are considering legislation to establish Bitcoin reserves, with the US aiming to acquire 1 million BTC over five years.
  • Czechia and Russia are also exploring the idea, with Russia using cryptocurrencies for international payments to bypass sanctions.
  • Switzerland, South Africa, Poland, Germany, Japan, Hong Kong, and Venezuela are among the countries where interest in Bitcoin reserves is growing.

Summary

The article discusses the growing interest in Bitcoin as a reserve asset among politicians and regulators across five continents. El Salvador stands out as the first country to establish a Bitcoin reserve, holding over 6,000 BTC. In the US, a bill is circulating in Congress to create a national Bitcoin reserve, aiming to acquire 1 million BTC over five years. Brazil is also considering similar legislation to stabilize its currency and protect against geopolitical risks. Meanwhile, countries like Czechia and Russia are exploring Bitcoin's potential, with Russia using cryptocurrencies to circumvent Western sanctions. Switzerland, South Africa, Poland, Germany, Japan, Hong Kong, and Venezuela are also showing interest, with various proposals and discussions taking place. Despite the momentum, there remains skepticism about Bitcoin's value proposition, with some countries like Japan showing reluctance. The global push towards Bitcoin reserves reflects a broader trend of integrating cryptocurrencies into national financial strategies.

cointelegraph
January 14, 2025
Crypto
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