Brazilian City Declares Itself the “Capital of Bitcoin”

In a significant development, Belo Horizonte, a major city in Brazil, has officially declared itself the “Capital of Bitcoin (BTC).” The city council made this decision during a meeting earlier this week. 

At the meeting, 20 councilors voted in favor, eight voted against, and six members chose not to vote. This is an essential step for the city as it plans to make Bitcoin a big part of its economy.

Brazil’s Push for Economic Freedom and Innovation

Councilman Vile Santos, who introduced the proposal, wants the city to become a leader in Bitcoin and digital money. Santos even pointed to the U.S. government’s interest in crypto to show how big and widely adopted this asset is becoming. He believes Bitcoin can create fresh opportunities for people in the city.

However, not everyone agrees. Councilwoman Luiza Dulci raised concerns about Bitcoin, stating the digital asset has no real value and lacks proper regulation. She questioned how the asset could help people get jobs or provide income for the people of Belo Horizonte. 

Her skepticism shows that many people are still unsure about how crypto can fit into everyday life and how it has become a preferred tool for criminals. 

Despite her critics, Santos and other supporters argued that Bitcoin should not be seen as a political tool. Instead, it should be viewed as a financial asset that can bring new opportunities to the city. 

Bitcoin’s Growing Popularity in Brazil

The bill’s supporters pointed out that over 2 million people in Minas Gerais already use Bitcoin. That shows that more people are interested in digital money and new tech-driven solutions. By declaring itself the “Capital of Bitcoin,” the city aims to attract more tech companies and entrepreneurs. 

Meanwhile, Brazil’s crypto market is growing even bigger. The upcoming launch of Ethereum futures on Brazil’s B3 exchange will bring more attention to the country’s growing crypto market.

This comes as Ethereum (ETH) recently surpassed $2,400, and new developments like the Pectra upgrade drive fresh investment into the sector. 

A Global Trend Toward Bitcoin Reserves

Belo Horizonte’s decision is part of a global trend, with several U.S. states and countries considering or already using Bitcoin as a strategic reserve. This shows that Bitcoin is becoming more recognized and accepted as a legitimate financial asset worldwide.

As Belo Horizonte takes this step, it is positioning itself as a regional leader in digital finance and technology. The city’s decision could help shape Brazil’s future approach to cryptocurrencies and digital assets.