Filipino Congressman Plans to Turn Bitcoin into National Treasure – But Why? đŸ€Ż

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Miguel Luis “Migz” Villafuerte, a Filipino congressman and former youngest-elected governor in the nation’s history, has filed new legislation that would make Bitcoin part of the Philippines’ sovereign reserves. Because who needs gold when you can have digital gold? 🎉 BTC: $116,777 (or as I like to call it, “the price of a very expensive coffee”). 24h volatility: 3.9% (because nothing says “stability” like a rollercoaster). Market cap: $2.32T (which is more than the GDP of some countries, but hey, at least it’s not a banana).

The proposal, filed under House Bill 421, directs the Bangko Sentral ng Pilipinas (BSP) to purchase up to 2,000 BTC annually for five years, establishing a 10,000 BTC reserve. Because nothing says “financial security” like putting your money in a digital vault that’s probably more secure than your Wi-Fi password. 🔐

To protect the holdings, the central bank would custody the Bitcoin in cold storage, distributed across multiple secure facilities to minimize systemic risks. Because if you’re going to store something, you might as well make it as accessible as a secret squirrel’s stash. đŸżïž

Why the Philippines Is Considering a Bitcoin Reserve

Villafuerte, who sits on the House Committee on Information and Communications Technology, argued that the Philippines, which recently adopted Polygon for document verification, must diversify beyond its heavy reliance on US dollar and gold reserves. Because why have one form of currency when you can have two? Or three? Or a bunch of digital tokens? 📜 MATIC: $0.25 (or “the cost of a single emoji”). 24h volatility: 7.2% (because nothing says “trust” like a 7% swing). Market cap: $333.98M (which is more than the GDP of some countries, but hey, at least it’s not a banana).

He described Bitcoin as a form of “digital gold” that can safeguard the nation’s financial security against external shocks and currency dependency. Because nothing says “safeguard” like a digital asset that’s more volatile than a teenager’s mood. 😅

The congressman pointed to a growing list of global precedents: El Salvador’s state accumulation strategy, policy discussions in Brazil, Switzerland, and Poland, as well as US Senator Cynthia Lummis’ proposal to revalue Fed Gold for Bitcoin reserves now openly backed by President Donald Trump. Because if El Salvador can do it, why not the Philippines? And if Trump says it’s cool, it must be genius. đŸ‡»đŸ‡ȘđŸ‡ș🇾

Under the proposed framework, the BSP would be prohibited from selling or using the Bitcoin holdings for 20 years, except in cases where sales directly retire government debt. Because nothing says “long-term investment” like locking your money away for two decades, just in case. ⏳

One year before the lock-up expires, the central bank must submit a report to Congress recommending either an extension of the reserve strategy or a phased release of up to 10% of holdings every two years. Because if you’re going to make a decision, you might as well take a year to think about it. 🧠

If enacted, the Philippines would become the first Asian country to legislate a sovereign Bitcoin reserve strategy, positioning itself at the forefront of digital asset adoption in national financial policy. Because who wouldn’t want to be the first to do something that’s either brilliant or a total disaster? 🌍

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2025-08-22 22:15