Remember this? It’s now catching on
🚨 BREAKING: @SenLummis announces #bitcoin strategic reserve bill.
Proposes the US to buy 1 million Bitcoin worth $69 billion.pic.twitter.com/CCaW30b14p
— SolanaFloor (@SolanaFloor) July 27, 2024
Trump promised to establish a strategic national Bitcoin reserve, with already seized #Bitcoin forming the foundation of this reserve.
Trump promised to establish a strategic national Bitcoin reserve, with already seized #Bitcoin forming the foundation of this reserve.
As of today, USA holds 0.99% of the BTC supply, good for 207,189 #Bitcoins pic.twitter.com/PW9Nv9SnnC
— Jimie (@Your_NLP_Coach) November 6, 2024
- Legislative Initiatives: In July 2024, Senator Cynthia Lummis introduced the “Bitcoin Act of 2024,” advocating for the U.S. government to acquire up to 1 million bitcoins over five years, representing approximately 5% of Bitcoin’s total supply.Bitcoin Magazine
- Funding Mechanisms: The proposed acquisition would be financed by revaluing the Federal Reserve’s gold certificates to current market prices, unlocking significant value without increasing federal debt.Bitcoin Magazine
- Legislative Proposal: In July 2024, Senator Cynthia Lummis introduced the “Bitcoin Act of 2024,” proposing the creation of an SBR. The plan aims to acquire up to 1 million bitcoins over five years, representing approximately 5% of Bitcoin’s total supply. Cointelegraph
- Funding Mechanism: The proposed acquisition would be financed by revaluing the Federal Reserve’s gold certificates to current market prices, unlocking significant value without increasing federal debt. Yahoo Finance
- Economic and Monetary Stability: Proponents argue that an SBR could serve as a hedge against currency debasement and debt instability, diversifying national assets and bolstering the U.S. balance sheet. BTC Policy
- Geopolitical Considerations: Establishing an SBR may provide the U.S. with a strategic advantage over nations exploring alternative digital currencies, reinforcing its influence over global financial standards. BTC Policy
- Energy and Climate Implications: Advocates suggest that Bitcoin mining can drive investment in renewable energy and support grid stability, aligning with U.S. climate and energy security goals. BTC Policy
- Financial Inclusion and Human Rights: An SBR could promote individual freedom and financial inclusion, benefiting underbanked populations domestically and those facing economic instability globally. BTC Policy
- Political Support: Former President Donald Trump endorsed the idea of a national Bitcoin reserve during the Bitcoin 2024 conference, pledging to retain all bitcoins currently held by the U.S. government. Wired
- Criticism and Skepticism: Some economists question the economic merit of such a reserve, citing Bitcoin’s volatility and potential challenges in managing and increasing reserves. Wired
A US Strategic #Bitcoin reserve is coming in 2025, other nation states are going to start battling to accumulate Bitcoin, Germany would really like to have the Bitcoin they sold for under $50K per BTC back now https://t.co/DO1UkeTktg pic.twitter.com/uKPXnKtgHh
— Captain Crypto (@cryptofuture39) November 6, 2024
Comments
- Congratulations to the relentless #Bitcoin community. The election and the country would have been lost without you. You changed history. When Trump establishes the Strategic Bitcoin Reserve, game theory accelerates. No one is bullish enough on #Bitcoin.
US government has just become the single biggest sovereign holder of #Bitcoin over night.
Holds 208k $BTC (~1% of the supply).
Goal is to hold 1 mn BTC (~5% of supply) and hold it for 20 years. h/t @SenLummis
You are not even remotely bullish enough. https://t.co/cJHQqztGUc pic.twitter.com/ld4pkXCXT2
— André Dragosch, PhD | Bitcoin & Macro ⚡ (@Andre_Dragosch) November 6, 2024
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