Get ready, Bitcoin watchers. A new proposal out of the Philippines could soon put the Southeast Asian nation on the global crypto map. A lawmaker has put forward a plan for the country to start buying and holding Bitcoin as a national reserve.
Congressman Miguel Luis Villafuerte introduced “Bill No. 421” to the Philippine House of Representatives. His idea is simple: have the nation build up Bitcoin holdings. The goal is to make the economy stronger and rely less on the U.S. dollar.
This legislation, called the “Strategic Bitcoin Reserve Act,” sets a clear target. It would require the country’s central bank to buy 2,000 Bitcoin every year for five years. That would total 10,000 Bitcoin. At today’s prices, this stash would be worth more than a billion U.S. dollars. The plan calls for these digital assets to be kept safe in “cold wallets.” This means storing them offline to protect against hacking.
The bill’s text, shared on X and picked up by several news outlets, explains the bigger picture. It aims to boost economic health and monetary stability during tough times. By adding Bitcoin, the state would diversify its cash assets.
The proposed law takes a long-term view. It forbids the government from selling any Bitcoin for at least two decades. The only exception would be using it to pay down public debt. The proposal also includes regular audits and public reports every three months on these holdings.
Villafuerte stressed that the Philippines needs “strategic assets like BTC.” He said these assets would serve important national interests, such as providing financial stability. He even called Bitcoin “digital gold” because of how much its value has grown over the years.
Bitcoin recently hit a new record price, soaring past $124,000. It has climbed 90% in the past year and over 850% in the last five years. At the time of this article, one Bitcoin trades around $116,900.
If this plan moves forward, the Philippines could quickly become a major player. Its Bitcoin reserves would outpace El Salvador’s current 6,276 BTC. It would also come close to the 10,565 BTC held by the Buddhist kingdom of Bhutan. Both those nations are actively adding Bitcoin to their treasuries.
Filipino cryptocurrency fans have shown excitement on social media. They believe this move could boost the country’s profile in the crypto community. It would position the Philippines as a top Asian nation for state-level Bitcoin adoption.
This move follows similar thinking seen elsewhere. For example, in the United States, President Donald Trump signed an executive order this year. It allowed for a strategic Bitcoin reserve, built from assets seized in various operations. The U.S. currently holds the largest government Bitcoin stash, with 198,021 BTC. This data comes from Bitcoin Treasuries.