US Senator Cynthia Lummis has introduced the "Bitcoin Act of 2024" to a vote in Congress, which would create a strategic reserve for the country's first cryptocurrency.

"[It is proposed] to establish a Bitcoin strategic reserve and other programs to ensure the transparent management of the federal government's bitcoin assets, offset costs through the use of certain Federal Reserve System (FRS) resources, and for other purposes," the document says.

According to the initiative, the purpose of creating the reserve is "to generate, store, and manage private keys associated with government bitcoin assets."

The bill would purchase 1 million BTC (no more than 200,000 BTC per year for five years). The Fed's gold reserves would be used for these purposes.