Brazil, one of the countries with the highest cryptocurrency adoption in Latin America, is called to become a crypto pioneer by enacting a strategic bitcoin reserve, surpassing other international contenders. While arguably there are many countries already stockpiling bitcoin, Brazil would be the first to pass a regulation directly pushing to exchange part of the country’s foreign reserves into bitcoin.

The matter will be discussed on August 20, and while it might be marred by the current political instability in Brazil, the opportunity to become a trailblazer in the area should not be wasted.

Adopting bitcoin as a strategic reserve asset would give Brazil a first-mover advantage against other adopters, who would have to follow Brazil’s lead and possibly purchase at higher prices to avoid being left out.

In the same way, the move would configure Brazil as a digital assets hub, attracting more crypto capital to the country as companies seek to secure a place in the crypto ecosystem of the tenth-largest economy.

The strategic bitcoin reserve would be in line with the de-dollarization policies of President Luiz Inácio Lula da Silva, diversifying the country’s foreign reserves and reducing the reliance on the U.S. dollar.

If not passed, Brazil would lose a great opportunity to become a leader in bitcoin implementation at a nation-state level, leaving the doors open for other less relevant nations in the region to take its place.

The opportunity to acquire $16.5 billion worth of BTC, according to central bank numbers, and spearheading a worldwide bitcoin revolution is on the table. Let’s hope that Brazil finally takes it, as the time to act is now.

Read more: Brazilian Lawmakers to Discuss Strategic Bitcoin Reserve Bill

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