Crypto News- Support for ‘Bitcoin Strategic Reserve’ Bill Floods U.S. Senators with 2,200 Letters
Crypto News– In just 48 hours, over 2,200 letters were sent to U.S. senators urging them to co-sponsor and support Senator Cynthia Lummis’s newly proposed Strategic Bitcoin Reserve bill.
Senator Lummis shared her gratitude for the overwhelming support in a post on X. According to an August 3 post by Dennis Porter, founder of the Satoshi Action Fund, the letters were distributed as follows: 1,333 went to Democratic senators, 850 to Republican senators, and 41 to Independent senators. This broad bipartisan outreach underscores the widespread interest in Bitcoin and its potential strategic value, transcending political and ideological divides.
Lummis, a leading advocate for the crypto industry, introduced the Bitcoin Strategic Reserve bill on July 31. The proposed legislation seeks to establish a national reserve of Bitcoin, aiming to position the U.S. as a global leader in the adoption and secure management of the world’s first cryptocurrency. If passed, the bill would direct the U.S. government to set up a decentralized network of secure Bitcoin vaults managed by the Treasury, with stringent cyber and physical security measures in place.
Lummis’s Strategic Bitcoin Reserve Proposal Seeks to Accumulate 1 Million Bitcoin
Senator Cynthia Lummis’s proposal for a Strategic Bitcoin Reserve includes ambitious objectives, aiming to acquire 1 million Bitcoin, which would represent about 5% of the total Bitcoin supply. The bill suggests leveraging existing US Treasury funds for Bitcoin purchases, akin to the Treasury’s approach with gold reserves.
This plan is designed to enhance the country’s financial reserves by adding a decentralized, scarce asset to the mix, offering an alternative to traditional financial instruments. Establishing a Strategic Bitcoin Reserve could have far-reaching effects, signaling the US’s acknowledgment of Bitcoin’s value and potentially influencing the global cryptocurrency market.
Such a move might also encourage other nations to explore similar strategies, potentially generating significant global demand for Bitcoin.
Notably, independent presidential candidate Robert F. Kennedy Jr. and Republican nominee Donald Trump have both pledged to establish a US Bitcoin reserve if elected president, reflecting a growing interest in Bitcoin at high levels of government.
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