On July 31, 2023, Senator Cynthia Lummis formally introduced the Bitcoin Strategic Reserve Act, which would require the US government to launch a reserve fund for the scarce and decentralized asset Bitcoin. This law aims to establish a "decentralized network of secure Bitcoin vaults" under the control of the US Treasury. It also instructs lawmakers and bureaucrats to take strict cybersecurity and physical security measures to prevent Bitcoin funds from being stolen.

The law aims to accumulate 1 million Bitcoins over time and purchase Bitcoins in amounts similar to the U.S. Treasury's gold allocation. While introducing this historic proposal, Lummis said that families in Wyoming are struggling with inflation and the national debt has reached new heights, and said, "It is time to take bold steps to create a brighter future for future generations."

Lummis' legislation also reaffirms the right to self-storage in the United States and seeks to protect that right. However, some politicians criticize this plan. Despite former President Trump's promise not to sell US Bitcoin assets, the government's transfer of 29,800 Bitcoins to an unknown wallet created controversy.

The US's $35 trillion national debt and inflation problems are encouraging those advocating a return to hard assets like Bitcoin. Turbofish CEO Matt Bell points out growing concerns about the sustainability of fiat currencies.

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