On July 31, 2024, Senator Cynthia Lummis officially introduced the Bitcoin Strategic Reserve Bill, following the announcement of the proposal to establish a strategic Bitcoin reserve fund.
This bill, titled the “Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act”, aims to bolster “the position of the US dollar in the global financial system.”
The wait is over. This is our Louisiana Purchase moment.
Read the text for my BITCOIN Act below ⬇️⬇️https://t.co/mSYJVwn1wI
— Senator Cynthia Lummis (@SenLummis) July 31, 2024
The Bitcoin Act will establish a strategic Bitcoin reserve fund to serve as an additional store of value, strengthening the US balance sheet and ensuring transparent management of the federal government’s Bitcoin holdings.
Key Provisions of the Bill:
- The bill will establish a “decentralized network of secure Bitcoin vaults” managed by the US Treasury Department, with statutory requirements ensuring the highest levels of physical and cybersecurity for the nation’s Bitcoin holdings.
- The bill sets a target to accumulate 1 million Bitcoins over a specified period, aiming to purchase approximately 5% of the total Bitcoin supply using existing US Treasury funds.
- Notably, the bill emphasizes that the strategic Bitcoin reserve will not infringe upon individual financial freedom, ensuring that private ownership remains protected.
In conjunction with the bill’s introduction, Senator Lummis made a statement about this landmark proposal:
“As families across Wyoming struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights, it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve.“
Senator Lummis has long been a proponent of Bitcoin, believing it can help the country address the national debt crisis while strengthening America’s position in the global financial market.
In short, the enactment of this legislation represents a significant strategic move towards integrating digital assets into the United States’ financial strategy, reflecting a forward-thinking approach to innovation and financial security.
Related news: US Government’s Unexpected Move of $2 Billion in Bitcoin Causes Price to Drop Below $67,000
