Key Points:
Read more: Senator Lummis Urges Bitcoin Reserve to Fix Treasury’s Critical Value Gap
The Bitcoin reserve strategy, according to her, might see bipartisan traction in the first 100 days of the new term, subject to grassroots support.
Senator Lummis took to X to express her optimism, saying such bipartisan support could be just the thing to fortify her plan of holding a Bitcoin reserve. It has now been dubbed the BITCOIN Act 2024, which would task the U.S. Treasury Department with buying one million Bitcoins over a five-year period.
Lummis went on to say that such a strategic reserve would position the United States to be in an optimal place leading the new financial world, reaping benefits economically, such as with an opportunity to reduce national debt and lower inflation.
If approved, the Bitcoin reserve strategy would automatically make the U.S. the largest governmental owner of Bitcoin, holding 5% of the cryptocurrency’s total supply proportionate to current holdings of the nation in global gold reserves.
Lummis is trying to use Republican majorities in the Senate, where she was first to introduce the bill back in July to advance her bill. Bitcoin’s price recently gained momentum to $89,500 thanks to Trump’s victory.
Prominent industry figures, including Michael Saylor of MicroStrategy and Pierre Rochard of Riot Platforms, have voiced support for the legislation. As Trump is said to be more amenable to the idea, some think that this may be a very close attempt to actually make the establishment of a U.S. Bitcoin reserve strategy a reality.
DISCLAIMER: The information on this website is provided as general market commentary and. does not constitute investment advice. We encourage you to do your own research before investing. |
Italy considers lowering its proposed Italy crypto tax increase to 28% from an initial 42%,…
Bitcoin Spot ETF Inflows Hit $818M as Net Inflow Streak Extends to 5 Days, with…
Elon Musk applies his X (Twitter) management style to politics. His political strategies, including voter…
PayPal stablecoin PYUSD can now transfer seamlessly between Ethereum and Solana via LayerZero.
President-elect Trump plans to establish the Department of Government Efficiency, led by Elon Musk and…
Imagine you’re navigating the unpredictable seas of cryptocurrency, where market waves can knock the unprepared…
This website uses cookies.