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US senator-elect proposes creation of strategic Bitcoin reserve
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Senator Cynthia Lummis, from the state of Wyoming, presents a bold proposal: the creation of a strategic Bitcoin reserve for the United States. This movement comes after President-elect Donald Trump’s recent statements during his election campaign, where he expressed support for Bitcoin as a pillar of US financial independence.
Lummis’ plan, formalized in the BITCOIN Act of 2024, aims for the US Treasury to acquire one million Bitcoins (BTC) over the next five years, with an annual purchase target of 200,000 BTC.
This investment, currently valued at around $76 billion, would position the country as a leader in financial innovation, in addition to representing one of the largest government investments in cryptocurrencies on record.
With the victory of pro-cryptocurrency candidates, Congress now has a majority that supports initiatives related to the sector. In the Senate, 17 senators express support for the crypto cause, while in the Chamber of Representatives, 261 elected candidates are in favor of projects in this segment.
Bitcoin
This scenario contrasts with the period of the Biden administration, where division in Congress prevented the approval of bipartisan projects on cryptocurrencies.
The current political alignment, added to the recent historical record in the price of Bitcoin, strengthens the chances of approval of the BITCOIN Act in Congress. The crypto sector is also showing support for the proposal, with market leaders such as MicroStrategy’s Michael Saylor and Samson Mow expressing the strategic importance of Bitcoin as a national asset.
For Samson Mow, acquiring Bitcoin at prices below $100,000 represents a crucial geopolitical advantage. “The difference between acquiring Bitcoin below 0.1 million and above 0.5 million will have huge ramifications,” Mow highlighted on his social networks.
In addition to purchasing Bitcoin, Lummis’ BITCOIN Act establishes a framework for the secure management of these assets at the US Treasury. The proposal highlights Bitcoin as a hedge against inflation and aims to reduce the national debt by half by 2045, consolidating itself as an important tool in managing American public debt.
During the Bitcoin 2024 Conference, held in Nashville, Trump reaffirmed his support for the creation of a national Bitcoin reserve. In his speech, the president-elect highlighted Bitcoin as the “center of financial independence” for the US and promised to keep 100% of the Bitcoins acquired by the government.
In addition to federal support, states like Florida, Wisconsin and Michigan also see Bitcoin as a strategic reserve. Florida CFO Jimmy Patronis recently declared his support for Bitcoin for the state pension fund, betting on the asset’s appreciation as a diversification and economic protection strategy.
US senator-elect proposes creation of strategic Bitcoin reserve
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US senator-elect proposes creation of strategic Bitcoin reserve
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US senator-elect proposes creation of strategic Bitcoin reserve
