Senator Cynthia Lummis, a known crypto enthusiast, has proposed a groundbreaking bill that could make the US government a major player in the Bitcoin world.
The Bitcoin Reserve Bill: A Big Bet on Bitcoin
Lummis’s bill, known as the “Strategic Bitcoin Reserve Bill,” would direct the US Treasury to buy 1 million Bitcoins over the next five years. That’s a whopping $60 billion investment!
The senator compares this to the US Strategic Petroleum Reserve, arguing that a massive Bitcoin stockpile would help strengthen the US dollar. She also believes that Bitcoin could be a powerful tool to help reduce the national debt, which is currently a staggering $35 trillion.
Public Support and Congressional Action
The bill has generated a lot of buzz, with over 2,200 letters from constituents urging senators to support it. The bill has now been sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. If the committee approves it, the bill will go to the Senate floor for debate and a vote. After that, it would move to the House of Representatives and then to the President for final approval.
Bitcoin in the Political Spotlight
This bill is just one sign of the growing interest in cryptocurrencies in the US political scene. Donald Trump has also voiced his support for digital assets, potentially sparking a policy debate that could force other candidates to take a stand on crypto.
While the crypto market has been experiencing some volatility lately, with Bitcoin dropping by over 11% in the past week, the industry remains a major topic of discussion in Washington. It will be interesting to see how the Bitcoin Reserve Bill fares in Congress and what impact it could have on the future of crypto in the US.
