The Great Bitcoin Meeting 🇧🇷🤝🏛️
On August 20th, the Chamber of Deputies 🏛️ was super busy! The topic was serious: the creation of a strategic Bitcoin (BTC) 🪙 reserve for Brazil. The idea, proposed in PL 4501/2024, was that the country could have up to 5% of its international reserves in BTC, just like it does with gold 🥇 and dollars 💵.
The public hearing room was full! 🧑🤝🧑 On one side, the government, represented by the Central Bank 🏦, the Ministry of Finance 💰, and the Ministry of Development, Industry, Commerce, and Services. On the other side, cryptocurrency sector specialists 🤓 and Febraban (Brazilian Federation of Banks) 🏦.
And that’s when things got heated! 💥
The government, especially the Central Bank 🏦, was quite skeptical 🤨. The main concern? The volatility of Bitcoin! 📈📉 They argued that international reserves need to be secure ✅ and liquid, and that BTC, being highly volatile, wouldn’t fit that profile. "Reserves are for stability, not for risky returns," they said. 🚫
On the other hand, the crypto market enthusiasts 🤩 and some supporters of the proposal had a different view. For them, the volatility of Bitcoin is part of its nature, and what matters is long-term appreciation 🚀, along with its potential to be a "safe haven" against the depreciation of the Real 🇧🇷.
The debate was intense and full of back-and-forth exchanges 🗣️. Febraban also expressed concerns about the lack of clarity in the law 🤔, questioning who would be responsible for the custody and governance of this reserve.
In the end, the hearing concluded without a consensus 🤷. The proposal to have a reserve in Bitcoin is still a hot 🔥 topic with many challenges ahead. The discussion continues! 🗣️
Will Brazil 🇧🇷 make it onto the list of countries with BTC reserves? 🌍 Only time will tell! 😉
