Welcome to the BitPinas Transcripts (there has to be a better name, we’re open to ideas!)!

This is a collection of conversations the BitPinas team has conducted over the past eight years with founders, regulators, practitioners, and creators shaping the crypto and web3 industry.

In most cases, you’ve only seen snippets of these interviews, but now we’re publishing the full transcripts.

For this edition, we’re featuring the complete interview with Camarines Sur Representative Miguel Luis “Migz” Villafuerte, author of a bill in the House of Representatives that seeks to mandate the Philippines to acquire 10,000 BTC over the next decade. He answered the following questions:

At the end of the transcript, you’ll also find links to related news and background information about the Congressman and the proposed measure.

Let’s dive in!

VIllafuerte: The National debt of the Philippines today is 288 billion USD. In 2024, it was reported that the country paid 848 billion PHP in interest fees alone. One idea is that if we acquire 10,000 BTC today, which historically has been growing over 40% every year, and hold it for 20 years, we could use it to service a significant portion of our national debt in the future.

Not only that, but in 20 years the global financial ecosystem may be vastly different and be in a place where we may never have to sell our Bitcoin to service the debt. Financial instruments may be available to safely leverage our Bitcoin, which presumably will have appreciated by several orders of magnitude, and we can utilise the yields for Filipino development initiatives.

Villafuerte: The 20th Congress is one of the youngest In Philippine history, with roughly 60% of house members being under 45 years old. I do expect a lot of questions from my fellow lawmakers, but based on my experience in the House, we are always open to innovations that could bring the Philippines to greater heights.

If the people want it, there will always be a chance. Just one of the major regulated crypto exchanges here in the country reports over 15 million accounts and users. Which indicates that there is a significant percentage of the population that is not only aware of cryptocurrency, but active participants in this new global economic movement.

If HB421, or a future version of it doesn’t pass, we can integrate a similar strategy into our sovereign wealth fund. The plan would be to continue to educate Filipinos on financial literacy and where Bitcoin and crypto fits into not only the countries position, but into their every day lives as well. We can have an open dialogue with other monetary focused government agencies as well, because if historically they are open to investing in Fine Art and baskets of US equities, Bitcoin should definitely be part of their considerations as well. Bitcoin has proven to be one of the best performing assets over the last couple of decades and personally, I think it is only a matter of time until we see Bitcoin held by governments and in institutions around the world. I think that Bitcoin will inevitably be crucial for nation building and securing the country's future financial resilience.

Thank you for your interest in our bill. Media mileage is essential for effective information dissemination and the success of this initiative. If you have any other questions, please don’t hesitate to contact us.

Relevant Links: