Originally published on: August 03, 2024
In a remarkable show of support, over 2,200 letters flooded the mailboxes of United States senators within just 48 hours, urging them to endorse and champion Senator Cynthia Lummis’s groundbreaking Strategic Bitcoin Reserve bill.
Senator Lummis took to social media to express her deep appreciation for the overwhelming backing received by her proposed legislation aimed at establishing a Strategic Bitcoin Reserve in the country.
Dennis Porter, the visionary behind the Satoshi Action Fund, revealed in a recent post that the grassroot effort saw 1,333 letters distributed to Democratic Party senators, 850 to Republican Party senators, and 41 to Independent senators. This bipartisan embrace of the bill highlights the broad appeal of Bitcoin and its potential strategic significance that transcends political boundaries.
Championing the cause for the cryptocurrency industry, Lummis introduced the Bitcoin Strategic Reserve bill on July 31 with a vision to position the United States as a frontrunner in embracing and securely managing the world’s leading cryptocurrency.
Under the proposed legislation, the US government would be mandated to develop a distributed network of secure Bitcoin vaults overseen by the US Treasury, ensuring robust cybersecurity and physical protection measures.
Lummis’s blueprint includes an audacious plan to accumulate a staggering 1 million Bitcoin, equivalent to approximately 5% of the total Bitcoin supply, by utilizing existing US Treasury resources for purchasing Bitcoin, mirroring the Treasury’s gold reserves allocation strategy.
This strategic move aims to fortify the nation’s financial reserves with a decentralized, limited-supply asset, offering an alternative to conventional financial instruments.
The creation of a Strategic Bitcoin Reserve could have far-reaching effects on both the domestic landscape and the global cryptocurrency arena, with the United States signaling its recognition of the inherent worth of Bitcoin.
Moreover, this pioneering step might prompt other nations to explore similar initiatives, potentially driving a surge in global demand for Bitcoin.
Noteworthy public figures like independent presidential candidate Robert F. Kennedy Jr. and Republican nominee Donald Trump have also pledged to establish a US Bitcoin reserve should they assume the presidential office.
From pledges to practical initiatives, the push for Bitcoin as a strategic reserve asset continues to gain momentum, with implications that could reshape financial landscapes around the world.