Brazil’s 50% Bitcoin Salary Payments Triggers Eye-Popping Swings! Will It Push Bitcoin Beyond $85K?

Brazil is on the cusp of forever changing its political landscape, as a new bill seeking to permit Bitcoin salary payments is being considered. The cryptocurrency salary bill has been proposed by Luiz Philippe de Orleans e Bragança, a former federal deputy from São Paulo, aiming to create a standardized framework for remuneration in digital currencies.

According to the proposed bill, crypto assets will account for only 50% of the total amount, with the rest being paid in Brazilian Real. This move will help improve crypto adoption in Brazil in today’s technology-driven times while maintaining stability for its national currency. For this purpose, Bitcoin is being strongly considered. 

Crypto Salary Optional, Bill Proposes Safeguards and Guidance Programs for Adopters

The digital asset payment avenue will be optional and employees will have the choice to either receive half the salary in cryptocurrency or fully in Brazilian Real. The cryptocurrency salary bill also proposes several safeguards and assistance programs for people opting for digital asset options. For instance, employers using crypto to make payments would be required to provide detailed salary statements, and employees would receive formal financial education related to the crypto market. 

This development aligns with Brazil’s favorable stance towards digital assets. In December 2022, the country also passed a law, recognizing crypto tokens as reliable payment methods and establishing a licensing body for instruments providing this service. Said proposal could improve Brazil’s position as a crypto hub in the global market. This will help them attract foreign investment and offer employees more flexibility in compensation. 

To come into effect as law, the proposed bill will have to gain a majority vote in the House of Representatives. If this cryptocurrency salary bill passes, it could have a favorable impact on crypto adoption in Brazil as well as the rest of the world, which will ultimately help BTC prices soar. If successful, Bitcoin salary payments can also be considered by other governments. 

Bitcoin Price Update: BTC Fluctuates, Aims to Stabilize Near $84K Again  

In the past 24 hours, the Bitcoin price has displayed significant movement on the charts, once again emphasizing the market’s volatility. Over the last 24 hours, Bitcoin tested crucial support and resistance levels. The day began with the price at $84,310. It appeared to be declining but soon found support near the $83,700 level, forming a trading range. BTC price hovered in the range and repeatedly tested the $84,400 resistance level, eventually experiencing a downward breakout that brought it down to $82,400 at 11:50 UTC. The RSI indicated heavily oversold conditions at that point, suggesting a potential trend reversal. Bitcoin followed suit and began to climb, peaking at its 24-hour high of $85,000.  

Chart 1 – published on Tradingview, March 17, 2025

As the buying momentum fizzled out, the price retreated, eventually finding support at $82,000 at 23:05 UTC. The oversold RSI and a golden cross on the MACD came in support as an uptrend commenced. The uptrend was met by short reversals but continued to climb to reach $83,841 by 4:00 UTC on March 17. The last update on March 17 saw Bitcoin reaching oversold levels, as a fall in prices is predicted

What Lies Ahead for Bitcoin: Bitcoin Price Prediction  

Amid the Brazilian parliament’s Bitcoin salary payments bill, Bitcoin is currently navigating a highly volatile period. A death cross observed in the early hours of March 17 resulted in a price decline, and it is expected that Bitcoin will rebound to confront the resistance levels. If the uptrend persists, Bitcoin stands a strong chance of surpassing the $84,200 level. Nonetheless, as purchasing pressure increases once more, a brief reversal may take place. The extent of this reversal will be critical in shaping the rest of the day’s price action. Should the downtrend gain momentum, the $82,000 level could be at risk.