Bitcoin as a strategic reserve asset in the United States is seeing a major reaction from the cryptocurrency industry as Dennis Porter, CEO and co-founder of the Satoshi Action Fund, announced open A huge wave of messages from the community to US Senators He urged them to support the bill that would support the American economy.
Crypto Community Shows Strong Support for Bitcoin Reserve Bill
On Wednesday, US Senator and cryptocurrency advocate Cynthia Lummis officially announced foot The Bitcoin Strategy Reserve Bill, also known as the Promoting Innovation, Technology, and Competitiveness through Optimal Investment Act of 2024 (Bitcoin Act).
It is worth noting that In the snow The bill was first hinted at during the recently concluded Bitcoin2024 conference in Nashville, Tennessee, before being formally introduced to the public on Wednesday. The bill aims to strengthen the US financial system, allow Bitcoin to act as a hedge against inflation, and strengthen the US dollar.
Specifically, it will direct the U.S. Treasury to purchase approximately 1 million bitcoins over a 5-year period as a strategic reserve asset to stabilize the dollar. Additionally, it will create a decentralized network of secure bitcoin vaults managed by the U.S. Treasury, with legal standards that ensure the best possible physical and cybersecurity for the nation’s bitcoin assets.
She said:
Bitcoin is transforming not only our country but the world, and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. The Bitcoin Act creates a strategic reserve of Bitcoin to serve as an additional store of value to support America’s balance sheet and ensure transparent management of the federal government’s Bitcoin holdings.
Following the bill’s introduction, Dennis Porter, co-founder of the Satoshi Action Fund, launched a group, allowing the crypto community to express their views on the bill to US senators. He revealed that within about a day of the group’s sharing on the X platform (formerly Twitter), more than 1,100 messages had been sent to senators, indicating growing support for the bill’s recognition. Bitcoin as a Strategic Asset for the United States.
According to the data shared by the CEO, Democrats received about 649 letters, accounting for nearly 60% of the total notes, while Republicans received more than 442. The purpose of the letters is to convince politicians of the value of including BTC in the national financial plan.
Institutional response to the law
The Bitcoin Act of 2024 has also received significant support from major institutions in the crypto industry. Digital Chamber, a well-known blockchain trading firm, sender A letter to US Senators urging them to support the bill, highlighting the company’s efforts towards a progressive approach to encryption policies.
The company’s move stems from its belief that legislation can provide Better economic future “This bill is in line with our national interests, demonstrates fiscal responsibility, and embraces technological advancements to ease economic burdens,” the company said in a statement.
Featured image from LinkedIn, chart from Tradingview.com
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