1 million BTC for US: Senator proposes Bitcoin Reserve Bill

At the Bitcoin Conference in Nashville, U.S. Senator Cynthia Lummis presented the Bitcoin Reserve Bill. What it entails and why this could be a turning point in the US.

After Donald Trump gave his speech at bitcoin2024 in Nashville on July 27, entered the American Senator Cynthia Lummis the podium. The senator from the state of Wyoming is considered one of the leading proponents of Bitcoin in American politics.

She began her speech with a gift for Donald Trump, holding up an A4 sheet: the Bitcoin Reserve Bill. This is the bill that all Bitcoin enthusiasts have been eagerly awaiting.

The basis for the Bitcoin Reserve should be seized Bitcoins held by the government. Since 2020, the U.S. has seized more than 215,000 BTC in seized. As Donald Trump had previously announced, these should be transferred to a strategic reserve.

Lummis wants to go a step further: "In the next five years, the United States will acquire more than one million Bitcoin, five percent of the global supply." According to Lummis, the Bitcoin Reserve should last at least 20 years. The only legitimate reason for inclusion is debt repayment. "We will eliminate U.S. government debt, we will be debt-free," she continued.

For Lummis, it must be a thing of the past for the U.S. government to hold reserves in U.S. dollars and other currencies that depreciate by two percent or more each year. Instead, she vows the Bitcoin community's allegiance to digital gold: "We will hold our [reserves] in an asset that increases in value."