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Brazil proposes using 5% of foreign exchange reserves to buy Bitcoin. Morning of November 27th.
Brazil proposes using 5% of foreign exchange reserves to buy Bitcoin
On the morning of November 27, Congressman Eros Biondini introduced a bill to create a Strategic Bitcoin Reserve Fund for Brazil. This could help Brazil mitigate the risks of exchange rate fluctuations and political uncertainties.
If approved by the National Assembly, Brazil could buy 3 billion USD #BTC. Increasingly, many countries are proposing to view Bitcoin as an asset for risk prevention similar to the US.
Is this a positive signal for BTC price when more and more countries want to use BTC as a reserve asset?