Secure Storage and Transparent Reporting for Philippines Bitcoin

Philippine Congressman Migz Villafuerte has proposed a new law called the Strategic Bitcoin Reserve Act. The Philippines Bitcoin reserve idea is for the Philippines to buy and keep 10,000 BTC as a national hedge against global economic volatility and a financial stability.

Source: Official Doc

The supporter of the act also mentioned how it could help in the country's debt which has reached $281.6 billion (P16.09 trillion) in which 32.13% is of foreign’s. That is why the limited asset’s treasury is seen as a long term financial safety net.

Philippines Bitcoin Strategic Stockpile

The bill proposes that the complete accumulation will take place in a tenure of five years, in which 2,000 coins will be purchased each year. The authority to perform the task is given to the country’s central bank,Bangko Sentral ng Pilipinas (BSP).

Along with a purchase planning the lawmakers also designed a safe and transparent atmosphere for the treasury with distributed secure storage facilities together with quarterly audits, public reporting.

BTC On Priority: A Global Trend

The choice of the BTC over other options is clearly mentioned in the bill. It stated that its scarcity (only 1.1 million left) and the adoption by the nations like EI Salvadore, Switzerland, Germany, Poland, Hong Kong, Russia, Thailand, while biggest holders include world’s major economies, U.S., U.K., China, make the digital asset an attractive one.

In the race of the limited supply the country didn’t want to fall behind. Started with the golden asset, possibly bringing the national reserves in other altcoin’s race too as the world is now not limited to any specific choice.

Advantage from the Dip

The plan of the reserve comes at the time when the currency is facing a short term dip and frequent changes. But it doesn't mean a bad signal but an opportunity to the smart players.

If we compare it to the current price of BTC, $115,900, Philippines Bitcoin reserve of 10,000 coin will be valued around $1.1 billion in future. BTC’s price is expected to be reached up to $500k as per coingabbar experts , it places the worth of Philippines Bitcoin reserve in a whopping numbers in upcoming times. It is also possible to face a short term fall but a big return is sure.