A law was officially submitted in the US Senate, which could in the future allow the US to establish a strategic reserve of cryptocurrencies, especially bitcoin, in addition to the classic national treasury. The proposal, introduced by Wyoming Republican Senator Cynthia Lummis, has already received more than 2,200 letters of support, indicating strong public interest and support.
New crypto era: What does the BITCOIN Act bring?
Senator Cynthia Lummis, a well-known cryptocurrency advocate, introduced a legislative proposal late last month that could put the US on the map as a crypto superpower. The bill, called "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024" or "BITCOIN Act of 2024" for short, provides for the establishment of a decentralized network of secure bitcoin vaults under the management of the national treasury.
Under this proposal, the federal government would have to buy bitcoins and add them to its strategic reserve until it reaches 5 % of the world's total bitcoin supply, which is about one million BTC. This bold move is expected to ensure financial stability for generations to come and increase the resilience of the American economy.
Bitcoin: America's Answer to Innovative Financial Strategies
Buying bitcoin would further diversify the U.S. national treasury and increase financial resilience, positioning the U.S. as a leading force in financial innovation. The law stipulates that the obtained bitcoins should be kept for at least 20 years, without the possibility of sale or other disposal.
Since the proposal was introduced in the Senate on July 31, senators have received more than 2,200 letters of support, indicating broad support from the public and across the political spectrum. Supporters of the proposal point out that this is a clear signal that the idea of a strategic bitcoin reserve enjoys public support from across the political spectrum.
Political obstacles: Will the proposal even be considered?
Despite widespread support, it should be noted that the proposal comes from the ranks of a party that currently does not have a majority in the Senate. Therefore, it is not guaranteed that the proposal will even get on the agenda for discussion, let alone that it will be adopted. However, if by some miracle the proposal were to get the green light, it would be an unprecedented event with a major impact on the global crypto market.
A global perspective: Comparison with El Salvador and wider implications
The inspiration for Senator Lummis' proposal undoubtedly came from El Salvador, the first country in the world to recognize bitcoin as a legal tender and decided to create a state reserve of this cryptocurrency. Under the leadership of President Nayib Bukele, El Salvador is actively promoting the use of bitcoin, which has sparked many discussions and analyzes about the long-term effects of such a policy on the national economy.
If the US were to follow suit, it could trigger a wave of similar measures in other countries, further cementing bitcoin as a globally accepted store of value. At the same time, it could strengthen US geopolitical power in digital finance and future technologies.
Conclusion: The Crypto Future of the US
Although the bill is still in its early stages and faces many political challenges, the discussion of a strategic bitcoin reserve in the US is already an important step towards a digital future. Time will tell whether the BITCOIN Act is passed or not, but regardless of the outcome, it is clear that cryptocurrencies are increasingly entering the mainstream of financial and political discourse.
