Bitcoin as a strategic reserve asset in the United States is seeing significant reactions from the cryptocurrency industry as Dennis Porter, CEO and co-founder of Satoshi Action Fund, has revealed a wave of letters huge amount from the community sent to US Senators calling for approval of the bill, ready to boost the country's economy.
The crypto community shows great support for the Bitcoin reserve bill
On Wednesday, U.S. Senator and cryptocurrency advocate Cynthia Lummis officially introduced the Bitcoin Strategic Reserve Bill, also known as the Advancing Innovation, Technology and Competition Through Innovation Act. Nationwide optimized investment law (BITCOIN) 2024.
It's worth noting that Lummis initially hinted at the bill during the just-concluded Bitcoin 2024 conference in Nashville, Tennessee, before officially introducing it to the public on Wednesday. The bill aims to boost the financial system United States, allowing BTC to act as a hedge against inflation and boost the dollar.
Specifically, the regulation will direct the US Treasury to purchase approximately 1 million BTC over a period of 5 years as a strategic reserve asset to stabilize the dollar. Additionally, it will establish a decentralized network of secure BTC vaults managed by the U.S. Department of the Treasury, with regulatory criteria that ensure the best possible physical protection and cybersecurity for the block the country's BTC assets.
“Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in innovation finance. The BITCOIN Act establishes a strategic Bitcoin reserve intended to serve as an additional store of value to strengthen the U.S. balance sheet and ensure transparent management of Bitcoin holdings by the federal government. state”.
After the bill was unveiled, Satoshi Action Fund co-founder Dennis Porter launched a group, allowing the crypto community to express their views on the legislation to US Senators. He revealed that almost a day after sharing the group on platform X (formerly Twitter), more than 1,100 letters were sent to Senators, showing growing support for recognizing Bitcoin is a strategic asset of the United States.
According to data shared by the CEO, the Democrats received about 649 letters, accounting for nearly 60% of the total, while the Republicans received more than 442. The purpose of the letters is to convince politicians of the value of the letters. The value of including BTC in the national financial plan.
Institutional reaction to the act
The BITCOIN Act of 2024 also received notable support from major organizations in the cryptocurrency industry. Digital Chamber, a prominent blockchain trade company, also sent a letter to U.S. Senators urging support for the legislation, highlighting the company's efforts for a forward-thinking approach to with cryptocurrency policies.
The company's move is said to be due to its belief that the law could bring a better economic future to the country. The company said:
“This bill is consistent with our national interest, demonstrates fiscal responsibility, and applies technological advances to ease the economic burden.”
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