- The Philippines has proposed a bill to establish a national Bitcoin reserve.
- The initiative allows the Bangko Sentral ng Pilipinas to buy 2,000 Bitcoin each year for five years.
- The plan aims to improve national security and manage the country’s debt.
- Several countries, including the U.S., have taken steps to build digital asset reserves in recent years.
- Bitcoin’s price reached a recent high of $124,128 but has declined due to market uncertainty.
The Philippines is considering the creation of a national Bitcoin reserve according to a new bill introduced by Congressman Migz Villafuerte. The draft legislation would authorize the Bangko Sentral ng Pilipinas (BSP) to purchase 2,000 Bitcoin every year over the next five years. The reserve would be held for two decades and is designed to boost the country’s national security and address debt issues.
Reports about the bill highlight that the Philippine central bank could acquire a total of 10,000 Bitcoin during the acquisition period. The proposal, now in the House but not yet debated or passed, aims for the BSP to begin holding the digital asset as part of the country’s official reserves.
Several other countries are moving in a similar direction. President Trump recently issued an executive order for the United States to create a national digital asset reserve. The Philippines now joins a growing list of nations exploring strategic cryptocurrency holdings for balance sheet and security reasons.
Bitcoin (BTC), which has outperformed most other assets over the past 15 years, has gained wider acceptance among states and institutions in recent years. The launch of 11 spot Bitcoin exchange-traded funds (ETFs) last year brought more attention to the cryptocurrency, with ETF demand helping push Bitcoin to several new all-time highs. The highest recent peak was $124,128 on August 14.
Despite these gains, Bitcoin’s price dropped to around $112,000 amid recent economic uncertainties. Over the last week, the asset saw a 5.8% decline, dropping 1% in the last 24 hours, according to CoinGecko data.
Market participants are reportedly waiting for updates from the Federal Reserve’s Jackson Hole meeting, which could influence U.S. monetary policy. A more restrictive approach from the Federal Reserve may lead to further declines in Bitcoin’s price, while a more supportive stance could help prices rebound.
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