🌎️ Bitcoin Reserves Interest Gains Momentum Across Five Continents

Interest in BTC as a potential reserve asset has surged globally, with lawmakers and regulators from five continents now considering it as a store of value for central banks.

Countries like Czechia, Russia, and Brazil are exploring Bitcoin as part of their foreign exchange reserve strategies, while nations like the US and Switzerland are actively pushing for Bitcoin reserves.

In the US, a bill known as the BITCOIN Act of 2024, introduced by Senator Cynthia Lummis, proposes that the Treasury acquire 1 million BTC over five years.

Brazil is also examining a Sovereign Strategic Bitcoin Reserve, potentially allocating 5% of its sovereign reserves to Bitcoin. Other countries, including Russia, Czechia, and South Africa, are considering Bitcoin reserves to safeguard against currency fluctuations and geopolitical risks.

Czechia's central bank governor has indicated that Bitcoin could be part of the country's reserve diversification plan, though no formal acquisition plans are in place yet.

In Switzerland, a proposal is underway to mandate the Swiss National Bank to hold Bitcoin as a reserve asset. This initiative is gaining traction, with crypto advocates planning to submit a petition for a national referendum.

South Africa's uMkhonto weSizwe Party is advocating for Bitcoin as an economic tool to combat inflation and the country's reliance on international loans, while Poland's presidential candidate Sławomir Mentzen has promised to establish a Bitcoin reserve if elected.

Germany and Japan are also seeing discussions around Bitcoin reserves, with Christian Lindner, former German Finance Minister, suggesting that Bundesbank should explore including Bitcoin in reserves.

Meanwhile, Hong Kong's politicians see the adoption of Bitcoin reserves as a way to strengthen the region’s financial resilience. In Venezuela, opposition leader María Corina Machado views Bitcoin as a tool for economic stabilization amidst the country’s political and economic turmoil.

While Bitcoin reserves are gaining global interest, some skepticism remains, and the path to widespread adoption may require further persuasion of skeptical lawmakers. Nevertheless, the idea is steadily moving closer to mainstream acceptance.

🏦 The Odds of It Being Launched in 2025 Are Now 65% According to Polymarket

⛏️ In The News

• Tether has filed a lawsuit against Swan Bitcoin, accusing the company of breaching agreements in their joint Bitcoin mining venture, 2040 Energy, amid a dispute involving stolen proprietary information and a subsequent shift of operations to a rival firm.

• Arkansas lawmakers introduced a bill to ban crypto mining within 30 miles of military facilities, citing noise pollution and national security concerns, while exempting pre-existing operations built before December 2023.

• Thai police confiscated 996 Bitcoin mining rigs from the company JIT, accusing it of stealing over $2.88m worth of electricity by using altered power meters.

• Aave tokenholders are debating a proposal by Blockware Solutions to enter Bitcoin mining, aiming to boost revenues, strengthen the treasury, and accelerate adoption of Aave's GHO stablecoin.