Official announcement from the U.S. government or legislative records

U.S. Bitcoin Reserve Strategy: 1 Million BTC Over 5 Years Likely in Trump's First 100 Days

Nov 12, 2024, 02:02 PM

Senator Cynthia Lummis has proposed the Bitcoin Act, aiming to establish a strategic Bitcoin reserve for the U.S. government. The legislation would see the government acquire 1 million Bitcoin over five years, with an annual purchase of 200,000 Bitcoin. This move is seen as a strategic reserve to bolster the nation's financial stability. The proposal has garnered attention from various quarters, with CNBC discussing it daily and Trump's administration reportedly considering its approval within the first 100 days. Trump himself is said to hold Bitcoin and supports the idea of the U.S. adopting Bitcoin as a reserve asset, as reported by Anthony Pompliano on Fox Business. The bill's passage is anticipated to have bipartisan support, with Senator Lummis emphasizing its potential to change the solvency of the nation.