🚨U.S. Senator Cynthia Lummis has introduced a draft bill that could significantly reshape the nation’s approach to #cryptocurrency by proposing a Strategic #Bitcoin Reserve. Announced at the Bitcoin Nashville Conference, the plan outlines the potential acquisition of up to 1 million #BTC over the next five years, with funding partly derived from revaluing the Federal Reserve’s #gold certificates.

Lummis, a staunch advocate for Bitcoin, revealed her initiative shortly after former President Donald Trump endorsed utilizing the government’s existing Bitcoin holdings—mainly sourced from seizures related to criminal cases—as the backbone of the new reserve. #Trump’s support signals a growing acceptance of Bitcoin within the Republican party, as he called for integrating the #cryptocurrency into national policy during his speech at the conference.

⚠️Key Components of the Proposal⚠️:

The draft bill, tentatively titled the “Bitcoin Act of 2024,” seeks to establish a #Bitcoin Purchase Program to accumulate 200,000 BTC annually. The Treasury Secretary would oversee the creation of a decentralized network of secure Bitcoin storage facilities across the U.S., selected through comprehensive risk assessments.

A pivotal aspect of the bill is the revaluation of the Fed’s gold certificates, which are currently valued at an outdated price of $42.22 per ounce. Updating this valuation could unlock substantial resources for Bitcoin purchases, positioning the U.S. as a key player in the global cryptocurrency #market.

As discussions around this proposal unfold, the potential for the Strategic Bitcoin #Reserve to influence U.S. fiscal policy and the broader cryptocurrency landscape is significant. The coming debates will be crucial in determining Bitcoin’s role within national strategy. #BITCOIN #USA #DonaldJTrump #CryptoNews #CryptoInvesting #FederalReserve @realDonaldTrump @federalreserve
#cryptocurrency #Bitcoin