Exciting news! 🚀 The Bitcoin Act of 2024 proposes the creation of a US Bitcoin Strategic Reserve to strengthen the dollar and maintain crypto leadership. 💵 The proposal involves acquiring 1 million Bitcoin over five years and using Federal Reserve transfers to fund the program. 🏦

Senator Cynthia Lummis introduced the Bitcoin Act of 2024, which is currently in the early stages of the legislative process. 📜 In order for the proposal to become law, it must pass through the Senate and House of Representatives before it goes to the President for approval. 🏛️

With Trump’s pro-crypto support, many are hoping the legislative process for this bill will move more quickly. ⏩ The Bitcoin Act, officially titled the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024, aims to protect against inflation and strengthen US financial leadership. 💪

Senator Lummis announced the plan at a Bitcoin conference in July, emphasizing the importance of strengthening the dollar. 💡 This Bitcoin Strategic Reserve, managed by the Treasury Department, would have secure, decentralized storage across the U.S., including provisions for forks and airdrops with a five-year retention period. 🔒

The bill also proposes a Bitcoin Purchase Program to acquire up to 1 million Bitcoins over five years, to be held for at least 20 years, with transparency guaranteed through independent audits. 🔍 It also allows states to hold their Bitcoin in segregated accounts and outlines cost-cutting measures, including adjusting Federal Reserve remittances. 📊

To offset costs, the bill proposes using Federal Reserve remittances to the Treasury Department, with the first $6 billion of annual remittances between 2025 and 2029 earmarked for the Bitcoin Purchase Program. 💰 $BTC #CryptoExplorerFiesta #BTC #bitcoin #bitcoin☀️ #Binance