Official statements and announcements from the Federal Reserve

Senator Lummis Introduces Bill for U.S. Strategic Bitcoin Reserve of 1 Million BTC Backed by Trump

Aug 1, 2024, 04:43 AM

Senator Cynthia Lummis has introduced a draft bill to establish a U.S. Strategic Bitcoin Reserve, which aims to purchase up to 1 million BTC over five years, including 200,000 BTC a year. The funding for this initiative would come partly from revaluing the Federal Reserve's gold. The proposal has garnered support from various political figures, including former President Donald Trump, who has pledged to build a national bitcoin stockpile if re-elected. Despite Trump's conflicting views on Bitcoin, he supports the reserve plan. This move has sparked debate among economists and crypto enthusiasts, with some arguing it could undermine Bitcoin's original decentralized ethos by inviting government interference. Senator Bill Hagerty has also voiced support for the initiative. The bill marks a significant shift in U.S. digital asset policy, moving from a defensive to an offensive stance, and could potentially position the U.S. as a leading nation in global financial innovation.