As you may know, US Senator Cynthia Lummis has introduced a remarkable bill regarding Bitcoin (BTC). This bill, which she officially introduced on July 31st, aims to establish a national Bitcoin reserve. This strategic Bitcoin reserve should position the United States as a leader in Bitcoin adoption.
Lummis’ bill is already gaining a lot of support. Within 48 hours, over 2,200 letters were sent to U.S. senators urging them to support Senator Cynthia Lummis’ new Strategic Bitcoin Reserve Act.
A strategic Bitcoin reserve
In a post on X , Lummis expressed her gratitude for the support of proponents for the bill. The response from senators has been significant: Dennis Porter, founder of the Satoshi Action Fund, reported that Democratic senators received 1,333 letters, Republican senators 850, and Independents 41. This further highlights the growing role of Bitcoin in American politics.
If Lummis’ bill passes, it would create a Bitcoin reserve owned by the U.S. government. Lummis’ proposal includes ambitious goals, including having the U.S. government collect 1 million Bitcoin. That’s about 5 percent of the total amount of Bitcoin that will ever be mined.
What would this mean for Bitcoin?
This strategy aims to bolster the country’s financial reserves by using Bitcoin as an alternative to traditional financial instruments like gold. What this will mean for Bitcoin as an asset is still uncertain, but it could significantly increase the value of BTC. Other countries could consider similar measures, which would create a huge demand for Bitcoin worldwide.
Lummis has been a prominent proponent of the crypto industry for years, but other politicians have also come out in support of crypto. It is becoming increasingly clear that crypto could become a decisive issue in the elections. For example, independent presidential candidate Robert F. Kennedy Jr. and Republican candidate Donald Trump have also made the necessary crypto promises. In addition, Democrat Kamala Harris seems to be slowly coming around.
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Source: https://newsbit.nl/wetsvoorstel-amerikaanse-bitcoin-reserve-krijgt-veel-steun/
