Some Bitcoin enthusiasts predicted that Bitcoin would be adopted as a national reserve asset in Brazil before the US.
As we know, former US President Donald Trump secured victory in the presidential election of 2024, and now he is ready with all his promises to make America great again. In January 2025, he will assume the office of president & allow crypto-friendly rules & laws to provide a crystal clear regulatory environment. Also, the pro-Bitcoin US Senator Cynthia Lummis from Wyoming introduced a strategic Bitcoin reserve proposal, along with proposing adopting Bitcoin as a national reserve just like Gold.
Now the wave of Bitcoin adoption as a national reserve is spreading in other countries also. Political leaders showing their inclination toward Bitcoin & cryptocurrencies.
In the latest developments, Brazilian Congressman Eros Biondini introduced a new proposal aimed at the creation of a Bitcoin (BTC) reserve in Brazil.
JUST IN: A bill to create a strategic #Bitcoin reserve has been introduced in Brazil’s Chamber of Deputies 🇧🇷 pic.twitter.com/0jh3hXaxCJ
— Bitcoin Magazine (@BitcoinMagazine) November 26, 2024
With this ProBitcoin plan, this Brazilian Congressman aims to reduce economic risks, diversify the country’s assets, and position the country as a global leader in financial and tech innovation.
The proposed Bitcoin reserve bill is very similar to the bill proposed by US Senator Cynthia Lummis.
A week ago, Cynthia said that the adoption of Bitcoin as an investment asset will help the country’s sovereign fiat currency gain strength.
If only there was a way to dig our nation out of debt while ensuring the strength of the U.S. dollar. Oh wait. #BITCOINAct
— Senator Cynthia Lummis (@SenLummis) November 19, 2024
It is worth it to note that similar kinds of efforts are going on in some other countries, where inflation or economic challenges are big. These countries are Argentina, Morocco, and Romania.
Bitcoin price action
The current trade price of Bitcoin (BTC), the top Crypto asset by market cap, is $92,000. This price level is 1.34% down over the last 24-hour period.
The current trade price of #Bitcoin is $92,176 pic.twitter.com/5ejByQEDGn
— Bitcoinik (@Bitcoinikdotcom) November 27, 2024
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