The Philippines is considering a bill to create a strategic Bitcoin reserve. If passed, the Central Bank will purchase 2,000 BTC annually.
Strategy for Bitcoin Purchases in the Philippines
Proposed by Congressman Miguel Luis Villafuerte, the initiative aims to establish a long-term reserve of 10,000 BTC. The assets would be stored in cold wallets for a minimum of 20 years, aimed at protecting the country from economic instability.
Why the Philippines is Creating a Bitcoin Reserve
Once the holding period expires, the bank would be allowed to sell no more than 10% of the reserve every two years. Villafuerte emphasized that the growing role of Bitcoin in the global economy demands strategic legislative measures from the Philippines.
Global Trends in Bitcoin Reserves
Currently, 517,296 BTC are under government control, accounting for 2.46% of Bitcoin's total supply. The US and China lead in confiscated Bitcoin assets. In November, Brazil introduced a bill proposing to transfer up to 5% of its international reserves into Bitcoin, mirroring the Philippines' strategy.
The Philippines' proposal to create a reserve of 10,000 BTC opens new prospects for economic flexibility while also raising concerns about the long-term viability of such strategies.
