Official records from U.S. Congress or major news outlets

Senator Lummis Proposes U.S. Strategic Bitcoin Reserve of 1 Million Bitcoin, Saylor and Trump Endorse

Aug 6, 2024, 03:24 PM

U.S. citizens are backing a bill proposed by Wyoming Senator Cynthia Lummis to create a Strategic Bitcoin Reserve. The bill mandates the U.S. government to purchase 1 million Bitcoin and hold it for 20 years, with the Federal Reserve printing money to finance the purchase. This proposal has sparked discussions on potential inflationary effects. Michael Saylor, MicroStrategy co-founder, has endorsed the idea on CNBC, likening it to the Louisiana Purchase and highlighting its potential to revolutionize banking and shift the Overton window for nation-states holding Bitcoin. Former President Donald Trump has also made remarks on the proposal. MicroStrategy currently holds $8 billion in Bitcoin.