Risks and Challenges — Volatility and Institutional Costs Cannot Be Ignored

Ideals are grand, but reality is complex. Bitcoin's biggest challenge lies in its volatility. When high-volatility assets are introduced into a country's balance sheet, short-term accounting fluctuations can trigger political and public opinion pressures. The higher the fiscal transparency, the more apparent the disputes caused by price swings.
Secondly, there are technical and custody issues. National reserves mean managing large-scale digital assets, requiring extremely high standards for private key security, cold storage mechanisms, and protection against cyberattacks. In the event of a security breach, the consequences far exceed those of ordinary institutions.
Additionally, international financial organizations still primarily define reserve assets based on traditional assets. If Brazil promotes the legality of Bitcoin reserves at the international level, it will also need to address compatibility with external regulatory frameworks. Therefore, this proposal is not only a financial innovation but also an institutional engineering project that requires caution and patience.
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