Key Takeaways:
- Senator Cynthia Lummis introduced a bill to create a Bitcoin Strategic Reserve, proposing the purchase of 1 million Bitcoin using U.S. Treasury funds.
- The bill aims to address inflation and national debt issues, aligning the Bitcoin acquisition strategy with the Treasury’s gold strategy.
- The proposal reaffirms the right to self-custody Bitcoin in the U.S., despite ongoing skepticism and recent government actions involving Bitcoin transfers.
On July 31, 2023, Senator Cynthia Lummis introduced a bill to establish a Bitcoin Strategic Reserve for the United States.
The proposal aims to use existing U.S. Treasury funds to purchase 1 million Bitcoin, approximately 5% of its total supply, and store it in secure, decentralized vaults.
BREAKING: 🇺🇸 US Senator Cynthia Lummis publishes official Strategic #Bitcoin Reserve legislation. pic.twitter.com/3jwHHpmSvn
— Bitcoin Magazine (@BitcoinMagazine) July 31, 2024
This move is intended to counter inflation and national debt challenges.
Lummis emphasized the need for bold actions to secure a brighter future, aligning the acquisition with the Treasury’s gold strategy.
The bill also reaffirms the right to self-custody Bitcoin in the U.S.
The wait is over. This is our Louisiana Purchase moment.
— Senator Cynthia Lummis (@SenLummis) July 31, 2024
Read the text for my BITCOIN Act below ⬇️⬇️https://t.co/mSYJVwn1wI
Despite support from figures like RFK Jr. and Donald Trump, skepticism persists, especially after the government recently moved a significant amount of Bitcoin to an unmarked wallet.
Supporters argue that hard assets like Bitcoin could be vital amidst rising debt and inflation concerns.
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