SENATOR LUMMIS INTRODUCES "BITCOIN ACT OF 2024" BILL FOR VOTE

Senator Cynthia Lummis has introduced the "Bitcoin Act of 2024" bill, aiming to bolster the US finances amid growing national debt concerns. This bill proposes several key provisions to enhance the security and rights of individual and institutional Bitcoin holders.

Key Provisions:

Establishment of a Strategic Bitcoin

Reserve: The US government would acquire 1 million Bitcoin over five years, positioning the country as a leader in digital finance and reducing national debt by half by 2045.

Protection of Digital Assets: The bill prohibits the federal government from seizing Bitcoin from any person, reinforcing the commitment to protect digital assets under US law.

Inflation Hedge: The strategic reserve would serve as a hedge against economic uncertainty and inflation.

The bill has gained traction, with Republicans securing majorities in both the Senate and House of Representatives, improving its chances of passage. Industry figures like Samson Mow and Michael Saylor have voiced support for the initiative.