US Senator Tommy Tuberville and other lawmakers introduced the BITCOIN Act, aiming to create a Strategic Bitcoin Reserve, a significant step for the American economy.
Objectives and Contents of the Bill
The BITCOIN Act aims to establish a Strategic Bitcoin Reserve as an additional store of value. The legislation calls for a decentralized network of secure Bitcoin vaults operated by the US Department of Treasury. A one-million-unit Bitcoin purchase program is planned, representing about 5% of the total supply.
Impact of Cryptocurrency on the US Economy
Cryptocurrency has reached new highs following Donald Trump's election. Bitcoin recently topped $100,000 per coin, prompting innovation across various government levels. Trump's supportive stance on cryptocurrency has spurred growth in this sector in the US.
Details of the Initiative and Its Participants
Senator Cynthia Lummis of Wyoming is the primary sponsor of the bill. Additional co-sponsors include Senators Marsha Blackburn, Jim Justice, Roger Marshall, and Bernie Moreno, all Republicans. The bill affirms self-custody rights for private holders and ensures the reserve does not infringe on individual financial freedoms.
The proposal to create a Strategic Bitcoin Reserve is an ambitious initiative aimed at strengthening the US economy and enhancing the country's competitiveness on a global scale.
