Brazil dey talk about $15B Bitcoin Reserve to protect against FX Wahala
Brazil House of Representatives go dey plan to debate on August 20 a bill wey go allow dem put up to 5% of their $300B foreign reserve for Bitcoin, wey go mean say dem go get $15B Brazil Bitcoin reserve. The proposal dey supported by Central Bank, Finance Ministry, banks, fintech groups plus crypto fans. Dem want use Bitcoin as shield against forex wahala and political gbege plus make blockchain sabi pass for both government and private sectors. Supporters dey call Bitcoin digital gold, but central bank policy director warn make dem no just dey put crypto for official reserve anyhow. If House approve am, the bill go waka go Senate then to President Lula for final green light.
Institutional demand for crypto ETFs dey rise. Michigan State Retirement System don add their ARK 21Shares Bitcoin ETF holding go $11.3M and still get $9.6M for Grayscale Ethereum Trust. Wisconsin pension board invest $321M for Bitcoin ETF too. These investments don push BTC to record high pass $123,000 and ETH above $3,800. Traders suppose dey watch market sentiment and Bitcoin price moves as the Brazil Bitcoin reserve debate dey go on.
Bullish
For short time, di prospect of $15B Brazil Bitcoin reserve don boost market optimism and fit cause beta buying pressure, as traders dey expect official adoption and new demand source. Di record flows wey dey enter Bitcoin and Ethereum ETFs still confirm say institutional interest dey grow, supporting price upward momentum. For long time, if dem approve di reserve plan, e go reinforce Bitcoin status as digital gold and fit make oda countries follow, boosting market legitimacy and liquidity. Even though central bank cautious stance bring some uncertainty, di combined effect of policy progress and rising ETF allocations dey suggest say Bitcoin get bullish outlook.