Bitcoin Bounces Back as Philippines Considers Bitcoin Reserve
Bitcoin could get back to its record high soon thanks to some positive pressure from the Philippines and the Federal Reserve.
Quick overview
- Bitcoin (BTC) has increased by 3.80% to $116,724 as the Philippines considers a bill to purchase 10,000 BTC over five years.
- The proposed House Bill No. 421 aims for the government to acquire 2,000 BTC annually and store them for future use.
- Despite recent gains, Bitcoin remains 6.2% below its all-time high, facing challenges from economic conditions and inflation.
- Investors are optimistic about a potential interest rate cut from the Federal Reserve, which could further boost Bitcoin's value.
Live BTC/USD Chart
Bitcoin (BTC) is up by 3.80% over the last day, hitting $116,724 (BTC/USD) not long after the Philippines considers a bill that would see their government buy up 10,000 BTC in the next five years.
After a rough week so far, Bitcoin is starting to look bearish. The coin fell from $118K to $112K in less than a week, but now it is regaining much of that lost ground. This could be partially due to increased interest in Bitcoin from the Filipino government.
BTC/USDThe proposed act is called House Bill No. 421, and it proposes that the government buy up 2,000 BTC each year for the next five years and place those bitcoins in cold storage facilities and then release the funds for government use in 20 years. The bill is only at the proposition stage right now, but if it is approved, the Philippines will join the United States and the United Kingdom that hold large reserves.
Other countries have considered buying up Bitcoin as a government investment, including Malaysia, Thailand, and others. Bitcoin has proven to be a good long-term investment for years now, increasing in value from $87K to $116K between 2024 and 2025 and nearly doubling every year for the last few years.
Bitcoin May Not Remain Bullish
While Bitcoin has made back most of the lost ground from this week, it is still 6.2% off its all-time high. There are a few factors keeping the coin from setting new records, particularly the tightening economy and tough inflation.
Investors are waiting for a rate cut decision from the Federal Reserve, which could be announced later today. The Fed has not backed away from its position that it would issue two rate cuts before the end of the year, and one is expected very soon. If a cut is decided this week, it will go into effect in about three weeks, and even the news of an upcoming cut could be enough to propel Bitcoin back up near its all-time high.
The stock market is already slightly elevated today in hope that a rate cut will be issued soon, so Bitcoin could pick up some steam as well and remain bullish on that same momentum. Right now, the coin is being held back by tariff fears as well as wider economic fears, so it has an uphill battle to get back to its all-time high.
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