Senator Lummis’s proposal to include Bitcoin in the US strategic reserves has garnered significant public support and sparked discussions across the political spectrum.
Cynthia Lummis, a US senator, is enjoying the backing that people are showing for her proposed legislation to incorporate Bitcoin (BTC) into the US strategic reserves. Just two days after the bill was announced, over 2,200 letters urging support for this proposal were sent to US senators.
Interest from All Sides
Dennis Porter, founder of the Satoshi Action Fund, shared statistical data on social network X (Twitter) on August 3rd, detailing the distribution of the letters:
- Democratic senators received 1,333 letters.
- Republican senators received 850 letters.
- Independent senators received 41 letters.
Dennis Porter X
This statistic indicates that people across the US are interested in Bitcoin, spanning the entire political spectrum.
What Does the Bill Propose?
On July 31st, Lummis introduced her bill aiming to make Bitcoin a national reserve and establish the US as a global Bitcoin powerhouse. The proposed legislation would direct the US government to create a decentralized network of secure Bitcoin vaults managed by the US Treasury Department. The department would also implement strict cybersecurity and physical security measures.
Lummis’s proposal includes an ambitious goal to accumulate 1 million BTC, approximately 5% of the total BTC supply. The bill also suggests using existing Treasury funds for purchasing BTC, similar to gold allocation.
Impact of the Legislation
Establishing strategic Bitcoin reserves could have significant implications for the US and the global cryptocurrency market. By adopting this law, the US would signal its recognition of Bitcoin’s value. This move could also encourage other countries to consider similar steps, creating massive global demand for Bitcoin.
Robert F. Kennedy Jr. and Donald Trump, US presidential candidates, made similar promises at the Bitcoin 2024 conference in Nashville regarding the inclusion of Bitcoin in US strategic reserves.
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