The new Bitcoin bill in the Philippines proposes to purchase 10,000 BTC for the national reserve. Here the government has taken a great step and proposed to invest in Bitcoin, and plans to keep Bitcoin as part of their assets in the national reserve. We can see that the acceptance of Bitcoin is increasing day by day, this may be a step by the government of the country to improve the economic position of the country through Bitcoin investment. Bitcoin can be an important part of financial diversification in the future, this is the first legally proposed in the Asian continent and the first such initiative taken by the Filipinos, they have formulated the proposal for a Bitcoin reserve using the parliamentary legislative procedure.
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Yes, they have decided to buy 10,000 Bitcoins in five years by buying at least 2,000 Bitcoins every year. The bill also states that one of them will be under the central bank. And this holding will be for at least 20 years. If it is passed in parliament, it will unlock economic opportunities for the Philippines. This reserved Bitcoin will make a big contribution to protecting the Philippine economy from inflation in the future. Many countries in Asia are currently attracted to Bitcoin, notably Japan, China, India and the Philippines are joining it. Hopefully, Bitcoin will gradually gain acceptance in all countries of the world.
Twenty years is a long time storage imo, considering the condition of Philippine. I doubt that the country is ready for such a long term investment because we are not about to talk about Philippine recognize bitcoin as a commodity or as a legal tender. It's just a bitcoin reserve by the hope of recognize it later. Therefore, what may forbid next Parliaments during the next twenty years not to stop storing bitcoin or to use that store for other purposes earlier than twenty years? If the country doesn't recognize bitcoin or any of its use, i will always doubt all those initiatives.