USA to Become the Most Pro-Bitcoin Strategic BTC Reserve in Sight"
With Donald Trump elected as the next president of the United States, the prospect of a national Bitcoin reserve is gaining momentum. Trump has announced plans to make Bitcoin a central element in his economic strategy when his administration begins on January 20. Pro-crypto Senator Cynthia Lummis played a pivotal role in this shift, having introduced the Strategic Bitcoin Reserve Legislation on July 31, with significant backing from industry leaders.
The initiative was a prominent topic at the 2024 Bitcoin National Conference in Nashville, Tennessee, where Trump and Lummis discussed the importance of Bitcoin to the U.S. economy. Lummis emphasized the legislation’s purpose, stating, “As families across Wyoming and the nation face rising inflation and unprecedented national debt, it’s time to take bold steps to secure a prosperous future. Embracing Bitcoin positions the U.S. as a global leader in financial innovation.” This legislation could make the U.S. the first developed country to adopt Bitcoin as a reserve asset.
Following Trump’s victory over Kamala Harris, Lummis reiterated on social media, “We are going to build a strategic Bitcoin reserve.” This move has garnered strong support from figures like Dennis Porter, CEO and co-founder of the Satoshi Action Fund, who declared, “The anti-Bitcoin movement is over. The U.S. will be the world’s most pro-Bitcoin nation. We’ll deploy a Bitcoin Strategic Reserve and embed protections for Bitcoin rights into law.”
### Key Aspects of the Proposed Strategic Bitcoin Reserve:
1. Decentralized Bitcoin Vaults: The U.S. Treasury Department would oversee a network of BTC vaults with strict physical and cybersecurity measures to protect the nation’s BTC holdings.
2. Bitcoin Purchase Program: The program plans to acquire one million Bitcoin over time, aiming to hold approximately 5% of all Bitcoin in circulation, aligning with the proportion of gold reserves.
3. Funding: The reserve would be funded by reallocating existing Federal Reserve and Treasury Department funds.
4. Self-Custody Rights: The legislation would affirm the rights of private Bitcoin holders to self-custody, ensuring their economic freedoms are safeguarded.
With this bold initiative, the U.S. could pioneer a new era of Bitcoin adoption and financial innovation. This strategic reserve would not only support national interests but could also solidify America’s leadership in the global crypto economy.#MicrosoftBitcoinRejection #EthereumRally
