The United States is taking a bold step towards embracing Bitcoin as a strategic asset with the introduction of the BITCOIN Act of 2024. Senator Cynthia Lummis of Wyoming unveiled the Act at the Bitcoin conference in Nashville, outlining key provisions that aim to establish a Strategic Bitcoin Reserve (SBR) and a structured Bitcoin Purchase Program.
The SBR will revolutionize how the US government manages and custodies Bitcoin, with a decentralized network of secure storage facilities spread across the country. The Act also proposes acquiring up to 1,000,000 Bitcoins over five years, with strict limits on the use and sale of the reserve for the following twenty years.
To fund the Bitcoin Purchase Program, the Act utilizes innovative methods such as reallocating surplus funds from the Federal Reserve Banks and adjusting the valuation of gold certificates held by the Federal Reserve. Additionally, States have the option to participate in the program by storing their Bitcoin holdings within the SBR.
By integrating Bitcoin into the national reserve system without burdening taxpayers or increasing federal debt, the BITCOIN Act sets the stage for a comprehensive Bitcoin policy in the United States. Readers interested in supporting the Act are encouraged to contact their legislators.
This groundbreaking legislation marks a significant milestone in the adoption of Bitcoin at a national level, showcasing the innovative financial strategies employed to embrace the future of digital assets.
