Brazil Weighs National Bitcoin Reserve Proposal

Key Points

1. Brazil's House of Representatives is scheduled to discuss a proposal to allocate up to 5% of the country's $300 billion treasury reserve to Bitcoin, approximately $15 billion.

2. This move is part of a global trend started by a US executive order, with countries like Kazakhstan, India, and Sweden also exploring similar Bitcoin reserve plans.

3. Public pension funds, including Wisconsin’s $321 million Bitcoin investment, are fueling a surge in crypto ETF inflows, pushing Bitcoin and Ethereum to new highs.

4. Michigan’s pension fund significantly increased its holdings in the ARK 21Shares Bitcoin ETF (ARKB) to approximately $11.3 million and maintains a strong position in Ethereum through Grayscale’s Ethereum Trust (ETHE).

5. Ethereum ETFs are gaining traction, with BlackRock’s iShares Ethereum ETF becoming the third-fastest fund to surpass $10 billion in assets under management, contributing to Ethereum's price surge above $3,800 in July.