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- The Philippines has moved a step closer to joining the ranks of nations that are accumulating BTC as a long-term plan.
- Philippine lawmaker Miguel has proposed the “Strategic Bitcoin Reserve Act,” requiring the BSP to buy 10,000 BTC for five years.
A new legislative proposal in the Philippines has been introduced to position Bitcoin (BTC) as part of the country’s official reserves. Congressman Miguel Luis Villafuerte, just 36 years old, put forward the Strategic Bitcoin Reserve Act, a proposal that would require the Bangko Sentral ng Pilipinas (BSP) to buy 2,000 Bitcoin every year for five years, building up a reserve of 10,000 BTC.
Under the plan, the Bitcoin would be stored in cold storage facilities across the country and locked away for at least 20 years. After that minimum period, the reserve could only be tapped under strict conditions, like paying down sovereign debt, and even then, no more than 10% could be sold within any two-year window.
The BSP governor would manage the reserve, supported by the Department of Finance, the Department of Defense, and the Securities and Exchange Commission (SEC).
To ensure transparency, the act requires quarterly proof-of-reserve audits, carried out by independent third parties and published online for the public to see. Importantly, the bill also safeguards private property rights, making it clear that individuals and businesses will remain free to buy, hold, and trade Bitcoin without government interference.
One year before the 20-year holding period ends, the BSP governor would be required to submit recommendations to Congress on whether to keep holding the Bitcoin reserve or gradually and carefully release part of it into the market. The report reads, “This Act shall take effect fifteen (15) days after its publication in the
Official Gazette or in a newspaper of general circulation. ”
A Global Ripple Effect
In the bill, the lawmaker explained that buying Bitcoin for the country’s strategic reserve could trigger a wave of global BTC purchases. But unlike traditional assets, Bitcoin has a hard-capped supply of just 21 million coins, which protects it from devaluation.
Governments around the world are steadily moving toward Bitcoin as a strategic reserve asset. According to CoinGecko data, as of August, 11 governments collectively hold 480,196 BTC, worth about $55.6 billion and representing 2.29% of Bitcoin’s total supply. Leading the pack is the United States with 198,022 BTC, followed closely by China with 190,000, while the United Kingdom holds 61,245, and even North Korea has 13,562 BTC.
In Central America, El Salvador has already gone all in with 6,268 BTC, adopting Bitcoin as legal tender and steadily building its reserves. In South America, Brazil launched its sovereign Strategic BTC Reserve, known as RESBit, allocating part of its international reserves to Bitcoin.
Previously, CNF reported on Russia’s shift towards Bitcoin and other digital currencies for cross-border transactions, seeking to bypass Western sanctions and reduce dependence on the U.S. dollar. President Vladimir Putin even went so far as to say that Bitcoin is “unstoppable.”
Zooming out, BTC accumulation was not that bullish a year ago. Back in January 2024, Bitcoin was trading just under $50,000, around $48,000. Fast-forward to today, and 101 public companies already hold Bitcoin, accounting for 4.74% of the total supply. The largest holder is Strategy (formerly MicroStrategy), with 629,37 BTC, followed by MARA Holdings with 50,639 BTC.
Currently, Bitcoin trades at $115,000. While that’s a pullback from its all-time high of $124,000 on August 14, the bigger picture shows strength: over the past year, BTC is up 89%.
