US Government to Become Largest Bitcoin Holder with Proposed Bitcoin Act to Buy 1,000,000 Bitcoins

Nov 13, 2024, 11:22 PM

The proposed Bitcoin Act, if approved, will make the U.S. Government the largest holder of Bitcoin. The Act promises to buy 1,000,000 Bitcoins, which accounts for 5% of the total Bitcoin supply, and hold them for 20 years. The draft Strategic Bitcoin Reserve Bill, introduced by Senator Cynthia Lummis, requires the Treasury to hold the Bitcoins for twenty years and, even after this period, sell no more than 10% in any one year. The Act is seen as a long-term strategy to invest in Bitcoin. The ticker for the Bitcoin Act is $BTCACT.