US citizens are backing a bill to create a strategic reserve for Bitcoin following statements from former President Donald Trump and Wyoming Senator Cynthia Lummis.
According to Bitcoin (BTC) advocate Dennis Porter, nearly 3,000 American voters required Senate backs Bitcoin Strategic Reserve bill.
Porter confirmed that Democratic senators received the lion’s share of the letters from Americans, which numbered about 1,746 letters. The petitions submitted to co-sponsor the project are likely in response to and support for Senator Lummis’ cryptocurrency legislation.
According to crypto.news, Lummis announced the “Promoting Technological Innovation and Competitiveness through Optimal Investments at the Nationwide Level Act of 2024,” or the Bitcoin Act. Lummis first unveiled the proposal at Bitcoin 2024 in Nashville, where the Wyoming senator spoke on the same stage as Donald Trump.
Echoing Trump’s proposal to hold a US stockpile of bitcoin, Lummis also proposed buying 200,000 bitcoins per year. The senator’s bill caps the total acquisition at 1 million tokens to ensure the US remains a global leader in cryptocurrencies.
If Loomis and Trump succeed, America will cement its position as the largest geopolitical holder of bitcoin. The United States already boasts a hoard of more than 200,000 bitcoins worth more than $11 billion. In fact, America controls roughly 3% of all bitcoin in circulation. Much of this holding has come from U.S. crackdowns on Silk Road and other darknet markets.
The creation of a strategic reserve of Bitcoin (BTC) is still subject to congressional approval and the outcome of this year’s presidential election in November.
However, there has been speculation that the current administration is not keen on the idea. Shortly after Trump’s speech in Nashville, the US government moved $2 billion in Bitcoin to an unknown wallet.
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