Proposed Legislation Aims for 10,000 BTC Reserve to Ensure Financial Stability in the Philippines

Philippines Bitcoin Reserve Proposal: A new legislative proposal in the Philippines, called the "Strategic Bitcoin Reserve Act," aims to require the Bangko Sentral ng Pilipinas (BSP) to acquire 10,000 BTC over five years, storing it securely for at least 20 years.

Management and Transparency: The reserve will be managed by the BSP governor with oversight from various government departments, and will include quarterly audits by independent third parties to ensure transparency.

Global Impact on Bitcoin Accumulation: The proposal could inspire other nations to purchase Bitcoin as a strategic reserve asset, joining countries like the U.S., China, and El Salvador, which have already invested significantly in BTC.

Current Market Context: Bitcoin's price has risen significantly over the past year, currently trading at $115,000, reflecting a strong market presence despite previous fluctuations.