A High-Ranking Official Advocates for Bitcoin as a Reserve Asset in Brazil

A high-ranking official has called for a deeper debate regarding bitcoin as a reserve asset in Brazil, dubbing it “internet’s gold.” While President Lula’s government has maintained a neutral stance on cryptocurrency, there is currently a proposal pending in Congress to create a bitcoin reserve.

Discussion Around Bitcoin Strategic Reserve Heats Up in Brazil

Positive indicators suggest a growing sentiment favoring the establishment of a strategic bitcoin reserve in Brazil. Although President Luiz Inacio Lula da Silva has not publicly addressed the matter, senior political figures are considering the proposal.

Pedro Giocondo Guerra, chief of staff to Vice-President Geraldo Alckmin, has expressed support, asserting that bitcoin deserves a place in Brazil’s foreign reserves. At the recent inauguration of the Parliamentary Front for a Competitive Brazil, which aims to enhance regulations for the country’s competitiveness, Guerra stated:

> “Debating rigorously the creation of a sovereign reserve of bitcoin value is in the public interest and will be crucial to our prosperity. After all, bitcoin is digital gold, the internet’s gold.”

Guerra praised bitcoin for its attributes, emphasizing its utility as a transactional medium and a store of value. He noted, “It is a technology that allows us to transfer wealth from one end of the planet to the other with agility and securely hold the fruits of our labor efficiently.”

Brazil was among the first countries to propose regulations for converting part of its foreign reserves to bitcoin. The bill, introduced by Federal Deputy Eros Biondini in November, aims to allocate 5% of total foreign reserves to establish a strategic bitcoin reserve.

Unlike the Trump administration’s approach—seizing nearly 200K BTC through legal actions—Brazil’s initiative focuses on direct purchases of bitcoin with internationally approved reserves, rather than being solely an executive order.

Read more: Brazil Introduces Bill to Establish Strategic Bitcoin Reserve