!!!! IMPORTANT NEWS !!!!
Washington, D.C. – Senator Cynthia Lummis (R-WY) has introduced legislation to establish a strategic Bitcoin reserve to strengthen the US financial position and help reduce national debt. Named the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, this proposal outlines a plan to incorporate Bitcoin into the nation's financial reserves.
"As families across Wyoming and the entire nation struggle with soaring inflation and unprecedented national debt levels, we must take bold steps to secure a brighter future," said Senator Lummis. "Bitcoin is transforming our financial landscape. Becoming the first developed nation to use Bitcoin as a strategic reserve asset will solidify our position as a global leader in financial innovation. This is our Louisiana Purchase moment for the next financial frontier."
The BITCOIN Act includes several key provisions:
Creation of Secure Bitcoin Vaults: Managed by the United States Department of Treasury, these vaults will ensure high levels of physical and cybersecurity for the nation’s Bitcoin holdings.Bitcoin Purchase Program: The legislation proposes a purchase program to acquire 1 million Bitcoins, approximately 5% of the total Bitcoin supply, mirroring the scope and significance of the US gold reserves.Funding Mechanism: The acquisition will be funded by diversifying existing funds within the Federal Reserve System and the Treasury Department.Protection of Private Bitcoin Holders: The bill affirms the rights of private Bitcoin holders to self-custody their assets, ensuring that the strategic reserve does not infringe upon individual financial freedoms.
The introduction of this bill has garnered significant support, with over 2,200 letters sent to US senators within 48 hours, urging them to co-sponsor and back the proposal. This broad support indicates bipartisan interest in Bitcoin's potential strategic value.
