After being unveiled last week, the BITCOIN Act has officially been introduced by US Senator Cynthia Lummis to establish BTC as a strategic reserve asset. Indeed, the pro-crypto official is seeking to increase the country’s economic strength. Specifically, through the accumulation and holding of the leading cryptocurrency.
During the Bitcoin Conference 2024, Donald Trump discussed a similar initiative. The 45th President vowed to hold 100% of the BTC that the US currently holds, if he is reelected in November of this year. Both officials have brought the crypto into the spotlight for government integration.
Source: NBC News
Also Read: US Senators Cynthia Lummis and Kirsten Gillibrand Propose Crypto Regulatory Measures
Cynthia Lummis BITCOIN Act Gets Introduced
Bitcoin has dominated financial discourse in 2024. The asset was made the first crypto-based ETF in the US. Moreover, it had surged to new heights this year, hitting $73,000 just three months after that product launched. Now, it has become a prevailing topic in political debate during a pivotal election year.
Amid all of that, the Bitcoin Act has officially been introduced by US Senator Cynthia Lummis seeking to make BTC a US Reserve asset. The legislation was formulated to “supercharge the US dollar and pay down the national debt,” through the leading crypto.
Also Read: Bitcoin (BTC) and Dogecoin (Doge) Price Prediction For August 2024
“It is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve,” Lummis said. “Bitcoin is transforming not only our country but the world, and becoming the first developed nation to use Bitcoin as savings technology secures our position as a global leader in financial innovation.”
The Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide Act is arriving with a key purchasing strategy. It requires the US Treasury to buy 1 million BTC in a specified timeframe. Once accomplished, the country would hold 5% of the entire Bitcoin supply.
Trump has already called for the US to be the globe’s “Bitcoin Superpower.” Surely, this legislation is a step toward that goal. There is no denying the impact this could have on BTC and the US economy.