Philippines Proposes 10,000-Bitcoin Strategic Reserve
House Bill No. 421, filed by Congressman Miguel Luis Villafuerte, calls for the Bangko Sentral ng Pilipinas (BSP) to acquire 2,000 BTC annually over five years to form a government-managed Bitcoin Reserve. The proposal mandates a 20-year lockup, cold storage custody, and annual proof-of-reserve reports. Thought leaders offered cautious optimism: ZFT COO Myles Tan warned of volatility risks and stressed the need for crypto-literate governance, while Satoshi Citadel’s Miguel Cuneta described it as an asymmetric bet. Legal expert Atty. Rafael Padilla argued that a modest Bitcoin Reserve could hedge against U.S. dollar instability. Community feedback ranged from calls for wallet transparency and public audits to concerns over corruption and market timing.
Traders should monitor legislative progress and potential impacts on cryptocurrency trading volumes and market volatility. A Philippines Bitcoin Reserve could signal official endorsement, boosting confidence and adoption. However, the 20-year horizon and operational risks may temper short-term bullish sentiment. Market participants are advised to track BSP proof-of-reserve reports and watch price movements around key legislative milestones.
Neutral
This proposal is likely to have a neutral impact on the market in the near term. While establishing a government-backed Bitcoin Reserve could boost long-term confidence and adoption—similar to El Salvador’s move in 2021—the bill remains at a discussion stage, with actual purchases unlikely until approval. The mandatory 20-year lockup and governance concerns may limit immediate trading catalysts. Traders should watch for legislative milestones and BSP proof-of-reserve reports: these events could introduce short-term volatility around announcements but are unlikely to trigger sustained bullish or bearish runs until policy details and execution plans are clear.