Senator Cynthia Lummis has reintroduced a bill to establish a strategic Bitcoin reserve, positioning it as a significant asset for the US to address national debt issues.
Key Provisions of the BITCOIN Act
The bill proposes the creation of a strategic Bitcoin reserve for the US, aiming to make it a core financial asset for the government. Based on a previous executive order by President Trump, the initiative is designed to bolster the nation's economic foundation and retain its competitive edge.
Legislative Support
The BITCOIN Act has garnered significant support from Republican senators who view Bitcoin as an opportunity to stabilize the country's financial future. Jim Justice and Tommy Tuberville endorsed the bill, emphasizing Bitcoin's potential to address national debt issues.
Plan for a Strategic Bitcoin Reserve
The bill outlines plans for the US to acquire a large-scale Bitcoin reserve, comparable in scale to the country's gold holdings. It proposes the purchase of 1 million Bitcoins, representing about 5% of the total supply, funded by reallocating resources from the Federal Reserve and Treasury without additional taxpayer burden.
The reintroduction of the Bitcoin strategic reserve bill underscores the US's ambition to lead in the digital economy and strengthen its financial security amidst growing national debt.
