Daily Crypto Briefs 
BRASÍLIA, Feb. 14, 2026
Brazil’s Chamber of Deputies has advanced a bill that would create a sovereign strategic bitcoin reserve, with a relator’s updated text targeting at least 1 million BTC over five years as bitcoin hovered near $69,000.
What Brazil’s “1 million BTC” proposal actually puts on the table
The proposal is a new version of PL 4501/2024 on the Chamber’s tracking page, now carrying a Feb. 9 relator report from Deputy Luiz Gastão in the Economic Development Commission (CDE). In plain terms, the bill would formalize a system (SIREBit) to govern a sovereign reserve (RESBit) and would authorize the Treasury to acquire and hold bitcoin under rules set in law.
Market snapshot: BTC daily data showed BTC’s latest close around $69,261, up about 2.5% day over day, with a same-day range from about $67,508 to $70,912. BTC also remains far below late 2025 highs.
Bitcoin (BTC): 6 month snapshot
BTC
Deputy Luiz Gastão’s relator report PDF includes a substitute that sets the headline goal:
“stockpile at least 1,000,000 BTC (one million Bitcoins) over 5 (five) years.”
At around $69,000 per BTC, that is roughly $69 billion in notional value if it were ever executed in full.
If the bill ever became law, the text lays out several levers:
- Seized bitcoin: it would ban sales of seized BTC and add it to the reserve.
- Taxes in BTC: it would authorize tax, fee, and fine payments in bitcoin, valued at the market price at payment.
- State owned miners: it encourages state companies to mine and accumulate bitcoin.
- Custody controls: it requires cold wallets and multisig for reserve custody.
- Transparency: it calls for periodic public reporting on reserve management.
- Temporary ETF use: it allows spot bitcoin ETFs as a temporary bridge instrument.
The substitute also proposes an income tax exemption for capital gains on bitcoin and other digital assets and would repeal Brazil’s Receita Federal reporting rule IN 1.888/2019, according to the same text.
If it passed, what could actually move BTC’s price and what probably would not
Bitcoin is global and liquid, so the clearest market moving signal would be confirmed, sustained purchases, not a big number in a committee draft. A five year target can still matter because it changes what traders model, but only after investors can map a plausible path from lawmaking to execution.
Here are the channels to watch:
- Real buying: evidence of Treasury purchases and custody deposits, plus the pace and funding source.
- Supply locks: whether seized BTC is truly removed from market circulation under enforceable custody rules.
- Domestic rails: whether tax payments in BTC and a broad tax exemption would increase local usage and on ramp demand.
- Spillovers: whether the story changes positioning elsewhere, especially in markets already driven by policy calendars like the U.S. market structure debate around the CLARITY Act, which we tracked in CLARITY Act timeline slips to 2026.
What is still unknown is the committee schedule for a vote on the substitute, how fiscal hawks frame the reserve in budget terms, and how quickly any operational plan could be built even in a best case legislative outcome.
The committee gauntlet that stands between a headline and a policy
The bill’s status is still procedural. The Chamber’s tracking page lists it as ready for agenda in the Economic Development Commission, and it also routes the measure through other committees before any full floor vote, including science and technology, finance and taxation, and constitution and justice, with the timeline not immediately clear.
That gap between text and implementation is why markets often treat “sovereign reserve” headlines as narrative first and flow second. Even if lawmakers approve a framework, execution would still hinge on rules, custody buildout, and budget decisions.
Brazil’s debate is also landing in a world where big jurisdictions are moving in different directions at the same time. Russia’s central bank has floated a regulated framework that would allow retail access under caps and testing, a very different posture from a state reserve approach, as we covered in Russia To Permit Retail Crypto Purchases Under New Rules.
China, meanwhile, has leaned into prohibition and cross border enforcement language, which is the opposite end of the spectrum in China Declares a Full-Scale Crackdown on Cryptocurrencies.
The takeaway is not that any one bill guarantees demand, but that policy is becoming a more frequent source of catalysts and reversals, sometimes on timelines that have little to do with charts.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Câmara dos Deputados: PL 4501/2024 tracking page |
| | Câmara dos Deputados: Relator report and substitutive (Feb. 9, 2026) PDF |
| | Câmara dos Deputados: Original PL 4501/2024 text (PDF) |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
Frequently Asked Questions
Is Brazil actually buying 1 million bitcoin right now?
No. The 1 million BTC figure appears in a proposed relator’s text for PL 4501/2024. The bill is not law, and any purchases would depend on congressional approval, implementation rules, and budget execution.
What are RESBit and SIREBit?
In the bill’s terminology, RESBit is the sovereign strategic bitcoin reserve and SIREBit is the system meant to govern how the reserve is managed and monitored.
Would seized bitcoin be sold under the proposal?
The relator’s text proposes banning the sale of seized bitcoin and folding those holdings into the reserve instead, subject to the bill becoming law.
Could Brazilians pay taxes in bitcoin under the bill?
The proposed text would authorize paying taxes, fees, and fines in bitcoin, with value determined by the market price at the time of the transaction. It also sets an implementation timeline for tax authorities after any promulgation.
Could a sovereign bitcoin reserve move BTC’s price?
Markets typically react more to executed flows than to headlines. The clearest channel would be confirmed, sustained Treasury purchases. A multi-year plan that is still in committee can influence narrative and positioning, but impact depends on passage, funding, and pace.