Brazil reintroduces bill to buy BTC for reserve

[rdluffy]

I saw this news on X and then on other profiles:


https://x.com/Cointelegraph/status/2022253407386403083

And here is a beautiful image to illustrate and understand the proposal



Source https://news.bitcoin.com/strategic-bitcoin-reserve-bill-allowing-brazil-to-acquire-up-to-1-million-btc-reintroduced-in-congress

Important “detail”: the proposal is to acquire 1 million BTC over 5 years 
This would make the country probably the largest holder of BTC after Satoshi

99.9% chance the proposal will not pass
As a Brazilian, I can say that we have no appeal to BTC in the government, and only a few congressmen are insisting on it, but we know that it will not be approved

[Charles-Tim]

I have seen it on many news few hours ago, it is true.

I think I will prefer the old bill: https://bitcointalk.org/index.php?topic=5520750.0

Although, if this Bill is passed, that will also be very good, but I think 1 million BTC is too much for a start. Can this not caused the Bill to be rejected?

If it will not be rejected, I think it is a good news.

How are they going to achieve 1 million BTC? Will they convert some of their reserves to bitcoin?

[Die_empty]

99.9% chance the proposal will not pass
As a Brazilian, I can say that we have no appeal to BTC in the government, and only a few congressmen are insisting on it, but we know that it will not be approved

The same Bill was introduced in 2024 by lawmaker Eros Biondini. I couldn't figure out how the process ended; maybe the bill didn't get the required support. Reintroducing the bill this year is a welcomed developemt. The goal of acquiring about one million Bitcoin in five years is ambitious. The bills seem to contain similar provisions that are in the GENUIS ACT. Not selling any seized Bitcoin.  

The Central Bank laws will not impede the execution of the bill if it becomes law. The lawmakers can easily change the Central Bank Act to accommodate Bitcoin reserves. Let's see if this reintroduction will see the light of day.

[Darker45]

When I saw the number of coins to be bought, I presumed right away that it's going to be a difficult battle to win. But then your own candid estimate of it getting the nod of the majority makes it a certainly losing battle.

I guess you just have to find victory in the fact that it has already reached the halls of congress. At least some congressmen have taken the matter seriously. While it'll be rejected most probably, at least its proposal would somehow require or nudge legislators to get to know Bitcoin.

[Charles-Tim]

The same Bill was introduced in 2024 by lawmaker Eros Biondini. I couldn't figure out how the process ended; maybe the bill didn't get the required support. Reintroducing the bill this year is a welcomed developemt. The goal of acquiring about one million Bitcoin in five years is ambitious. The bills seem to contain similar provisions that are in the GENUIS ACT. Not selling any seized Bitcoin. 

The Central Bank laws will not impede the execution of the bill if it becomes law. The lawmakers can easily change the Central Bank Act to accommodate Bitcoin reserves. Let's see if this reintroduction will see the light of day.

The proposal for the bitcoin reserve bill in 2024 to allocation 5% of Brazil's foreign exchange reserves to bitcoin was not rejected, the central bank of Brazil against it but the legislation for it has not been rejected. The Bill is reintroduced because it was 5% of Brazil's foreign exchange reserves that will be used to acquire bitcoin to the reserve in the first proposal but it has expanded to buying of 1 million BTC in 5 years. So the amendment will be the reason it is said to be reintroduced because it has not been accepted before.

[Alpha Marine]

As a Brazilian, I can say that we have no appeal to BTC in the government, and only a few congressmen are insisting on it, but we know that it will not be approved

This right here is the problem in most countries. Only a few congressmen are insisting on having a Bitcoin reserve. It's not surprising, though, because generally, only a few people are interested in Bitcoin, but the leaders should at least know better. They should try to think of ways to make the economy better; that is their job. They should be able to think out of the box. Leaders should be visionaries, they shoud be able to see three steps aead, because they make decisions that affect millions of people, but sadly, we live in a world where anybody that is able to convince people to vote for him becomes a leader and that is partly why the world is the way it is.

[AVE5]

If we go by the potential gravity of the news, that's really a positive news for the bitcoin market but if we don't have to be so overwhelmed by the yet unrealistic approval of the bill, I think it just sounds hype of the Brazilian government and their propositions of the 1,000,000 bitcoin reserve acquisition.
Sometimes it feels exhausting learning about governments everlasting debates over acquiring bitcoins for reserve.
Well, until they it's realistically accounted that they've reached the 1,000,000 acquisition goal, they can't be celebrated to surpass the US and China reserve but good luck to the Brazilian government on that note.

[kotajikikox]

I saw this news on X and then on other profiles:


https://x.com/Cointelegraph/status/2022253407386403083

And here is a beautiful image to illustrate and understand the proposal

If this is passed soon, it is a good timeline since bitcoin is still at a bear cycle which gives them a good opportunity to accumulate bitcoin a lot cheaper than other countries have bought their bitcoins for.

99.9% chance the proposal will not pass
As a Brazilian, I can say that we have no appeal to BTC in the government, and only a few congressmen are insisting on it, but we know that it will not be approved

Maybe this is the time it will all change and there could be some slight changes in the proposal for it to be passed.

[348Judah]

To their citizens, be a good news because their government are considering for paying more attention to bitcoin as a national reserve currency, now this is a normal thing that has been in place before the denial sometimes and now they are still coming back to what they once kicked against.

Now we are getting to that stage whereby government will be more deliberate about their intentions for bitcoin adoption, even though for now, still have some countries that are not taking it likely with bitcoin or anything related to crypto, but as time goes on they are getting into the timeline of the benefits of this profitable digital currency, only that people have to be more conscious of how they can get their privacy maintained and secure their assets under their control.

[jossiel]

That's an ambitious goal to achieve 1M bitcoin. But it's possible.

If they're able to do that in the future then we can say that they're one of the richest countries ever for having that much supply of BTC.

Owning around 4.76% of total supply shows the world how powerful they are. But let's see who's going to be the first country that will lead in that race.

This only makes the little Bitcoin's that we own more important and rare in the future.

[asriloni]

99.9% chance the proposal will not pass
As a Brazilian, I can say that we have no appeal to BTC in the government, and only a few congressmen are insisting on it, but we know that it will not be approved

100% right. The idea to acquire 1m BTC is just too ambitious. Even US hold around 200k. Can we expect Brazil to hold more than US and Saylor? This idea sounds unreal.

I'm not being pessimistic, but it's totally out of my logic. Let's calculate they need 70b to buy 1m bitcoin at the current price, but i don't think they're dumb enough to risky that gigantic amounts of money to Bitcoin.

That money can be used to run their country instead. If it was 100k or 200k btc, it makes sense.

[slapper]

99.9% chance the proposal will not pass

yeah. Probably not.

But the bill passing is not the whole point anyway. It is the bill existing what matters. The fact that they really think about it, in congress, with actual legislation language.

Original draft was just "allocate 5% of foreign reserves to bitcoin" (many sources point to this: Link). Now it's RESBit. Full sovereign framework. Cold wallet mandates, mining incentives, tax payments in BTC, even using bitcoin as collateral for Drex.

And Brazil is doing this to follow its fellow. US signed their strategic reserve executive order back in March last year. Czech National Bank conducted a test portfolio in November. Pakistan announced theirs this year as well. This is a coordination game now whether people would admit it or not.

No one can seem to afford to be the last person to hold bitcoin.

[Oluwa-btc]

Now we are getting to that stage whereby government will be more deliberate about their intentions for bitcoin adoption, even though for now, still have some countries that are not taking it likely with bitcoin or anything related to crypto, but as time goes on they are getting into the timeline of the benefits of this profitable digital currency, only that people have to be more conscious of how they can get their privacy maintained and secure their assets under their control.

For me the plan seems to be a fruitful mission but looking at the amounts to be accomplished I think there's more possibility of realization because a whole country revenue would be involved, probably the come back may have some positive results regardless I still think they need to check on the bill plan for the reserve so they don't end up loosing so much of their countries assets.

[lizarder]

Important “detail”: the proposal is to acquire 1 million BTC over 5 years 
This would make the country probably the largest holder of BTC after Satoshi

99.9% chance the proposal will not pass
As a Brazilian, I can say that we have no appeal to BTC in the government, and only a few congressmen are insisting on it, but we know that it will not be approved

The details are too large, the five-year accumulation target is likely difficult to pass, given the significant financial resources required to realize the process. If you look at your country's situation, it's similar to ours as the government lacks traction for Bitcoin, even though some members of Congress have proposed it. A similar bill was introduced previously, but I don't know the details of the outcome and now it's been reintroduced using a similar concept.

Considering the desired accumulation amount based on the required timeframe, it appears to be a bit more difficult to gain support. While it would be a welcome step if the bill were passed, its impact would be much more significant. Hopefully, other policies will be introduced to facilitate the bill as significant support is needed to make this measure a success.

[Felicity_Tide]

Important “detail”: the proposal is to acquire 1 million BTC over 5 years 
This would make the country probably the largest holder of BTC after Satoshi

99.9% chance the proposal will not pass
As a Brazilian, I can say that we have no appeal to BTC in the government, and only a few congressmen are insisting on it, but we know that it will not be approved

Of course it won't be passed.
imo, they're already making the proposal look like a rocket science, because a target of 1 million Bitcoin, with an intention to overtake the United States and China, makes it sound like a competition. Even if they're going to stop the sales of confiscated Bitcoin, by adding it to the reserve, they would still have to spend a lot because there are no chances of getting 25% of the 1 million Bitcoin through confiscation.

Since you(op) feel that there are less Congress men pushing for this proposal, then I think it would be best to make a few adjustments, especially with the numbers of Bitcoin to be accumulated, in order to stand a chance of being heard at least.