Brazil Paves the Way for $19 Billion Bitcoin Reserve Proposal

In a significant development, Brazil held a parliamentary hearing to explore the possibility of establishing a $19 billion Bitcoin Strategic Reserve. This move, backed by key lawmakers and crypto industry leaders, reflects Brazil’s interest in using Bitcoin as a hedge against financial risks. The proposal, which would allocate 5% of Brazil’s foreign reserves into Bitcoin, was initiated by Federal Deputy Eros Biondini, who sees it as a strategic asset for the nation.