Originally published on: August 02, 2024
The Digital Chamber, a leading advocate for digital assets in the US, is rallying support from lawmakers to back the Bitcoin reserve bill proposed by Senator Cynthia Lummis of Wyoming. This initiative aims to secure America’s status as a global leader and enhance stability amid economic uncertainties.
In a bold move, the Digital Chamber plans to hand-deliver a persuasive letter to every US Senator, emphasizing the benefits of incorporating Bitcoin into the nation’s balance sheet. The proposed Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (Bitcoin Act of 2024) outlines a strategy for the US Treasury to acquire 1 million Bitcoin over five years by establishing Bitcoin vaults.
Chief Policy Officer Cody Carbone highlighted the bill’s potential to safeguard against inflation and economic volatility, pointing out Bitcoin’s finite supply of 21 million units as a hedge against monetary devaluation. This proposal comes on the heels of the US national debt surpassing $35 trillion, underscoring the urgency of proactive financial measures.
Senator Lummis is not alone in championing Bitcoin integration into the country’s reserves, as other prominent figures voice their support. At the recent Bitcoin 2024 conference, independent candidate Robert F. Kennedy Jr. pledged to have the US Treasury acquire 500 Bitcoin daily until reaching a target of 4 million Bitcoin. Similarly, former President Donald Trump disclosed plans to establish a national Bitcoin repository for strategic purposes.
Amid increasing bipartisan backing for cryptocurrency initiatives, the passage of the Financial Innovation and Technology for the 21st Century Act in the House signals a favorable legislative environment for digital assets. While efforts to overturn restrictive regulations faced challenges, the landscape is evolving to accommodate the growing demand for cryptocurrency products and services.
As the world shifts towards embracing digital currencies, the US stands at a pivotal moment to embrace innovation and secure its financial future. By supporting Senator Lummis’ Bitcoin reserve bill, lawmakers can position the country for sustained economic growth and resilience in an interconnected global market.
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