Bitcoin Strategic Reserve Act

On July 31, U.S. senators formally introduced the Bitcoin Strategic Reserve Act, which aims to establish a national reserve for this scarce decentralized asset. The bill will establish a "decentralized secure Bitcoin vault network" managed by the U.S. Treasury Department and require lawmakers and officials to develop strict cybersecurity and physical security measures to ensure the safety of Bitcoin reserves.

In a statement, the Wyoming senator pointed out that in the current context of soaring inflation and high national debt, it is a bold move to create a better future for future generations by establishing a strategic Bitcoin reserve. Although Lummis acknowledged that the bill may be difficult to pass before the 2024 election, she believes that the increasing political attention to Bitcoin reserves marks a paradigm shift.

The bill is the most aggressive Bitcoin adoption proposal proposed by the U.S. government to date, and although the prospects are still unclear, it is expected to legalize Bitcoin as an economic asset. Lummis is optimistic that other Bitcoin-related bills may be passed this year.

The bill emphasizes the advantages of Bitcoin as an asset in the digital age, similar to the importance of gold reserves to national financial security in history. It also states that having a large Bitcoin reserve can strengthen the financial condition of the United States, hedge against economic uncertainty and monetary instability, and put the United States at the forefront of global financial innovation.

The bill has received support from politicians including Robert Kennedy. Robert Kennedy Jr. proposed buying 500 Bitcoins per day until a reserve of 4 million Bitcoins is accumulated.