A Philippine congressman has tabled legislation that could see the country build a strategic Bitcoin reserve, signalling a bold move as interest in government-held cryptocurrency grows globally.
The bill, filed by House Representative Miguel Luis Villafuerte, proposes that the Bangko Sentral ng Pilipinas (BSP) purchase 2,000 bitcoins annually over five years, ultimately accumulating 10,000 coins to be held in trust for 20 years.
Villafuerte emphasised the potential of Bitcoin to strengthen the country’s financial position amid rising debt levels.
The bill’s explanatory note reads,
“The increasing significance of BTC in ensuring financial and economic prowess across continents makes it imperative for the country to take significant legislative measures.”
The Philippines’ sovereign debt reached 16.09 trillion pesos ($280 billion) by November 2024, with 32% owed to foreign creditors.
Source: Philippines’s Treasury
The proposal frames Bitcoin as a long-term store of value to complement traditional reserves such as gold or foreign currencies.
The proposed reserve aligns with a broader wave of government cryptocurrency adoption.
El Salvador has been steadily adding Bitcoin to its national reserves since recognising it as legal tender in 2021.
Brazil’s RESBit programme allocates international reserves to Bitcoin, while Russia has turned to Bitcoin for international transactions to bypass sanctions, with President Vladimir Putin calling it “unstoppable.”
In Asia, Hong Kong lawmakers have suggested integrating Bitcoin into financial reserves, and Bhutan maintains state-operated mining and retains the mined coins.
Villafuerte’s bill highlights Bitcoin’s fixed supply cap of 21 million coins, with roughly 19.9 million already mined as of late 2024.
This scarcity, combined with a reported 40% compound annual growth rate over five years, is cited as a reason for governments and institutions seeking alternative reserve assets amid inflation and currency concerns.
The legislation notes that current government holdings are dominated by the United States with 207,189 coins, China with 194,000, and the United Kingdom holding 61,000.
Source: Bitbo
If passed, the Philippines’ proposed 10,000 coins would place it among major sovereign holders.
Despite growing institutional confidence, Bitcoin’s market volatility remains significant.
Earlier in 2025, a single large holder, known as a whale, sold 24,000 BTC valued at over $2.7 billion, causing the price to drop $4,000 in minutes.
Yet, the whale still holds 152,874 BTC, worth more than $17 billion, illustrating the outsized influence of major holders on market sentiment.
The bill requires approval from both houses of Congress and the president’s signature before the central bank can begin acquiring Bitcoin.
Philippine financial regulators have previously introduced frameworks for cryptocurrency operations, balancing innovation with cautious oversight, which could influence how the reserve is managed if the proposal becomes law.
If approved, the country would join a growing list of nations exploring Bitcoin as part of national finance strategy.
Villafuerte’s proposal frames the cryptocurrency not only as an investment vehicle but also as a potential safeguard for national security and long-term economic stability.
The UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
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