Republican Senator Cynthia Lummis is set to introduce groundbreaking legislation at the Bitcoin Conference 2024 in Nashville this Saturday. As noted by sources, the bill will propose Bitcoin as a strategic reserve asset, a significant step in developing the U. S. financial economy.
While its provisions have not been made public, it is said that the legislation requires the Federal Reserve to acquire and hold Bitcoin alongside gold and foreign currency. The above shift is meant to advance the soundness of the U. S. monetary system and the dollar.
Alex Chizhik, the chief commercial officer at research firm HarrisX, pointed out the following opportunities. "This is truly a historic decision to make the Fed adopt Bitcoin as a reserve asset because it stabilizes the USD and capital markets and signals to everyone that our independent central bank appreciates innovation and, as such, is the perfect unbiased institution to house Bitcoin."
Lummis hinted at this development earlier this week with a cryptic message on her X (formerly Twitter) account: "₿ig things are in store this week. Stay tuned!" While she has not confirmed the reports, analysts view this post as a sign of the legislation's impending introduction.
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