đ Big news for Bitcoin enthusiasts! đ
Wyoming Senator Cynthia Lummis has just unveiled her groundbreaking Bitcoin bill, dubbed the "Bitcoin Act," on July 31. Labeling it as "our Louisiana Purchase moment," this legislation aims to add a whopping 1 million BTCâworth around $64 billionâto U.S. government holdings over the next five years. đ
The Act, also known as the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024," seeks to establish a strategic Bitcoin reserve. The plan includes purchasing 200,000 BTC annually, with a minimum holding period of 20 years. đŠ
To ensure security, the bill proposes a decentralized network of cold storage facilities across the U.S., along with state-of-the-art physical and digital security measures. Quarterly proof of reserves will be publicly reported with independent third-party audits. đ
Moreover, the bill protects individual rights by affirming that the government cannot seize lawfully acquired Bitcoin holdings. This move aims to diversify national assets and position the U.S. at the forefront of global financial innovation. đ
Senator Lummis emphasizes the need for "financial leadership" in the digital age, making this a monumental step for Bitcoin and its enthusiasts. đ
Stay tuned for more updates! đ
