Bitrabo Editorial
The cryptocurrency industry is mobilizing support for a bill that proposes Bitcoin as a strategic reserve asset in the United States. Dennis Porter, the CEO and co-founder of Satoshi Action Fund, shared that a substantial number of letters have been sent to US Senators advocating for their endorsement of the bill, which aims to strengthen the American economy.
Crypto Advocates Rally Behind Bitcoin Reserve Bill
Recently, US Senator Cynthia Lummis, a proponent of cryptocurrencies, introduced the BTC Strategy Reserve Bill, also known as the BITCOIN Act of 2024. The bill, first hinted at during the Bitcoin2024 conference in Nashville, Tennessee, is designed to enhance the US financial system by leveraging Bitcoin as a hedge against inflation and supporting the US dollar.
The proposed legislation mandates the US Treasury to acquire approximately 1 million BTC over five years to serve as a strategic reserve asset for stabilizing the dollar. It also calls for the creation of a decentralized network of secure BTC vaults managed by the US Department of Treasury, ensuring robust physical and cybersecurity measures to protect the country’s BTC assets.
Senator Lummis emphasized:
“Bitcoin is revolutionizing not only our nation but the global financial landscape. By adopting Bitcoin as a savings technology, we position ourselves as pioneers in financial innovation. The BITCOIN Act establishes a strategic Bitcoin reserve to enhance America’s fiscal strength and ensure transparent management of federal Bitcoin holdings.”
In response to the bill, Dennis Porter initiated a campaign where the crypto community could voice their support for the legislation to US Senators. Within a day, over 1,100 letters were sent, signaling a growing consensus on the importance of recognizing Bitcoin as a strategic asset for the US. Democrats received around 60% of the letters, with Republicans receiving over 442, all advocating for including BTC in the national financial strategy.
Institutional Backing for the Proposed Act
Major institutions in the cryptocurrency industry, including Digital Chamber, a prominent blockchain trade organization, have also expressed their support for the BITCOIN Act of 2024. The firm communicated its endorsement to US Senators, emphasizing its commitment to progressive crypto policies aimed at securing a prosperous economic future for the nation.