Crypto Community Reacts to PH Bitcoin Reserve Proposal in Congress

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The introduction of a bill pushing for a Bitcoin Reserve in the Philippines has drawn responses from both crypto thought leaders and the broader community.

Bitcoin Reserve Proposal

Introduced by Congressman Miguel Luis Villafuerte, House Bill No. 421 was filed in the Philippine Congress; it seeks to establish a government-managed Strategic Bitcoin Reserve alongside traditional holdings like gold and foreign currency.

• The bill directs the Bangko Sentral ng Pilipinas (BSP) to purchase 2,000 BTC annually over five years for a total of 10,000 BTC, with a mandatory 20-year lockup period.
• The reserve would be kept in cold storage, with the BSP Governor required to provide annual proof-of-reserve reports.
• Sales of the BTC would be prohibited except to pay off government debt after the lockup period.
• The proposal cites BTC’s growing role as “digital gold,” noting examples from El Salvador, Switzerland, Brazil, Russia, Bhutan, and Pakistan.

Worth Reading: Bitcoin Strategic Reserve Bill Filed in Philippine Congress

Thoughts from Thought Leaders

As debate on the proposed Strategic Bitcoin Reserve Bill intensifies, thought leaders from the Philippine crypto industry and legal sector offer mixed but largely cautious optimism. While some described the measure as a bold step that could boost adoption and signal government openness to innovation, others flagged risks tied to volatility, governance, and transparency, stressing that its success would depend on proper safeguards and leadership.

Bold Step or Risky Move: Is PH Ready?

In response to the BitPinas inquiry, ZFT Chief Operating Officer Myles Tan described the proposed Strategic Bitcoin Reserve Bill as both “a bold and risky move,” noting its potential to signal government willingness to enter uncharted territory while also exposing national reserves to the volatility of Bitcoin.

“It’s a moonshot; big upside if it works and big headlines if it does not.”

Myles Tan, CTA, COO, ZFT

On the bill’s proposed 20-year holding period, Tan questioned whether the timeline was too long, pointing out that several presidents will come and go before its benefits materialize. He highlighted the unpredictability of Bitcoin halving cycles and the importance of decision-making on when to buy or sell.

Tan cited Germany’s 2024 sale of 54,000 BTC at $57,900 each as an example, which at the time seemed prudent but was later criticized after prices rose significantly in 2025. 

“That’s the conundrum future Filipino crypto lawmakers have to face because what looks smart one year can look foolish the next.”

Myles Tan, CTA, COO, ZFT

He added that there is a need for clear guardrails and “crypto-literate leadership.” Tan noted that while the 20-year holding period may seem lengthy, it aligns with BTC’s cyclical nature and could prove beneficial over time. 

He also noted that the measure has the potential to boost public confidence and adoption of Bitcoin in the country but stressed that its success would ultimately depend on transparent management and ensuring that the funds are safeguarded from misuse.

“If the future government liquidates our strategic bitcoin reserve in 2045 and it goes into another shady flood control project, another pork barrel or another dirty politician’s pocket then how will this make our county look good? How can the ‘Bitcoin ng Bayan’ funds be SAFU from corruption? In the right hands, this bill could make us all say ‘”‘FILIPINOS WAGMI (We’re All Gonna Make It).’ In the wrong ones it could make us all say ‘FILIPINOS NGMI (Not Gonna Make It).’”

Myles Tan, CTA, COO, ZFT

Cautious Optimism

A Decrypt report on the proposal featured insights from Miguel Antonio Cuneta, co-founder of Satoshi Citadel Industries and city councilor; Luis Buenaventura, GCrypto head; and Paul Soliman, CEO of BayaniChain.

Cuneta called the Bitcoin reserve an “asymmetric bet” for the Philippines.

“If we look at the other countries and states that have started or are planning to start a strategic Bitcoin reserve, we already have a template to follow… The best way would be to do it without affecting other critical sectors that need funding.” 

Miguel Antonio Cuneta, Co-Founder, Satoshi Citadel Industries

Buenaventura, on the other hand, was more cautious, saying he does not expect the bill to be passed but acknowledged its significance in framing Bitcoin’s role in financial management.

“Although I don’t believe that the proposal will actually be passed, I’m hopeful that local corporations will…begin their own journeys towards incorporating Bitcoin into their respective balance sheets.”

Luis Buenaventura, Head, GCrypto

He added that it may also encourage law enforcement to take greater care of confiscated digital assets from past raids.

Paul Soliman, CEO of BayaniChain, described the bill as a “bold step” that treats BTC as a long-term, censorship-resistant store of value, noting that a government BTC treasury could offer public transparency if wallets are disclosed. 

“Unlike traditional reserves, a Bitcoin treasury can be fully auditable by the public if the government simply discloses its wallets… That level of transparency is unprecedented in finance and could build real trust with Filipinos… Of course, risks remain—volatility, the use of taxpayer funds, and our current financial literacy gap.”

Paul Soliman, CEO, BayaniChain

He noted that with proper governance, strategy, and education, the reserve could become a symbol of accountability and a generational safeguard for the Philippines.

Legal Expert Backs Proposal

In another inquiry, legal expert Atty. Rafael Padilla told BitPinas that resistance to the proposed Strategic Bitcoin Reserve Bill will likely come from economists concerned about adding volatility to the central bank’s portfolio. 

He argued, however, that BTC’s early price swings were a product of thin liquidity and that its volatility is expected to decrease as adoption grows, institutional products expand, and market liquidity deepens.

Padilla noted that even a modest BTC allocation could generate significant returns while serving as a hedge against the fragility of the U.S. dollar–based financial system, which heavily influences developing countries like the Philippines despite their lack of control over it.

“Bitcoin can fix this by providing an alternative financial system that is independent from the conventional financial system and unrelated to the existing financial markets.”

Atty. Rafael Padilla

On timing, he emphasized that the Philippines should begin accumulating BTC immediately, pointing out that its limited supply and rising demand could make reserves in traditional currencies weaker over time.

“Given that the supply of bitcoins is strictly limited and the demand for its use continues to grow, it is prudent for the Philippines to allocate a conservative amount for the acquisition of bitcoin considering the potential upside, i.e., that bitcoin’s value could significantly appreciate in the future. If bitcoin’s price continues to rise, then the market value of the country’s reserve currencies and assets (including gold) will decline relative to bitcoin.”

Atty. Rafael Padilla

He warned that delaying adoption may put central banks at a disadvantage and expose them to speculative risks, while early allocation could provide monetary flexibility and long-term upside for the country.

In BitPinas’ Facebook posts (1,2) on the proposal, community members expressed mixed reactions to the possibility of a Philippine Bitcoin Reserve. 

Some community members welcomed the proposal for the Philippines to buy Bitcoin, with one suggesting that funds seized from illegal activities and corrupt officials be used for purchases, with wallet addresses made public for transparency. 

In one of the comments, a community member questioned the whereabouts of the seized digital assets, proposing that such funds should be the first to be allocated to the proposed Sovereign Wealth Fund. They argued that the amounts involved were significant and should not be dismissed easily.

Others called it a rare “good news” development, while one commenter noted it would be better to buy Bitcoin during a bear market rather than at current prices.

Some called for safeguards such as public audits, while others warned of corruption and double standards.

Another commenter voiced caution over the proposed Strategic Bitcoin Reserve, warning that the Philippines is “not ready” for such a move, particularly under the current Congress. They stressed that the public must first be educated about BTC, arguing that “less than 1%” of Filipinos, and even fewer politicians, fully understand the network. Without this knowledge, they warned, the reserve could be exploited for money laundering or used to push a central bank digital currency (CBDC) that could increase government control over finances.

In response to BitPinas’ Community Question on whether the Philippines should buy Bitcoin as part of its strategic reserves, many commenters said yes and pointed to BTC’s long-term gains and potential as a reserve asset. 

However, there are still concerns over volatility, security, transparency, and the government’s credibility in handling such assets.

This article is published on BitPinas: Crypto Community Reacts to PH Bitcoin Reserve Proposal in Congress

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