Philipines Set Record In Asia With Strategic Bitcoin Reserve Bill

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The wave of strategic Bitcoin reserves remains in the air, as the Philippine government proposes its plan. The bill, which was just introduced to the Philippines’ House of Representatives, will direct the central bank to stockpile 10,000 BTC over the course of five years, and lock it up for 20 years. 

If this Bitcoin reserve bill proposed by Congressman Miguel Luis Villafuerte passes, the Philippines will set a record in Asia. The country may become among the first to legislate a sovereign Bitcoin reserve via a formal statute. 

Also notable is how the country looks to fill its Bitcoin reserve. While pioneer countries like the United States build BTC holdings through seized assets, the Philippines plans to make scheduled purchases. 

Market Impact 

The Philippines’ proposed Bitcoin reserve bill adds to the growing institutional adoption of Bitcoin. Historically, a sovereign endorsement of BTC has been a catalyst for a significant price uptick. And in this case, the Philippines is not only actively planning to buy but also making a lockup arrangement. This long-term hold signals confidence in Bitcoin as a reliable asset, a digital gold.

Authors

  • Isaac is fascinated by the blockchain world. He enjoys reporting the latest news in the industry and regularly writes in-depth and well researched pieces.

  • Temitope Olajide

    Temitope is a crypto content writer, editor and proofreader with over 3 years' experience in the field. He specializes in news contents, and his aim is to break down the ambiguous nature of blockchain with simple yet convincing sentences.

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