Senator Cynthia Lummis has introduced a groundbreaking bill that could dramatically reshape the U.S. government’s financial landscape. The proposed Bitcoin Act aims to accumulate a staggering 1 million Bitcoin over the next five years, positioning the United States as a major player in the cryptocurrency market.
The legislation, dubbed the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024,” seeks to establish a strategic Bitcoin reserve. This move is justified by Bitcoin’s proven resilience, widespread adoption, and role as a store of value.
To minimize market impact, the bill outlines a gradual purchase plan of 200,000 Bitcoin per year. These holdings will be securely stored in geographically dispersed cold storage facilities across the country, protected by state-of-the-art security measures.
Transparency is a cornerstone of the proposal. Regular proof-of-reserve reports and independent audits will ensure public accountability. Additionally, the bill explicitly protects individual and business Bitcoin ownership rights.
Senator Lummis argues that this strategic Bitcoin reserve will enhance the U.S.’s financial resilience and solidify its position as a global leader in financial innovation.
Key points of the Bitcoin Act:
- Acquisition of 1 million Bitcoin over five years
- Establishment of a strategic Bitcoin reserve
- Secure cold storage facilities
- Regular proof-of-reserve reports and independent audits
- Protection of individual Bitcoin ownership rights
This bold initiative is likely to spark intense debate and scrutiny as it progresses through the legislative process.
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