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Highlights
- The Bitcoin Reserve Bill has gained headway as it moves to the Senate Banking Committee
- The Bill is sponsored by Senator Cynthia Lummis
- If it becomes law, the Bill will permit the US Government to hold BTC as a reserve asset
The US Bitcoin Reserve Bill is making significant headway per the latest update from its sponsor, Senator Cynthia Lummis. According to the pro-crypto Senator, the Bill has now been referred to the Senate Banking Committee for deliberation.
Bitcoin Reserve Bill: a Silent Game Changer
The Bitcoin Reserve Bill became popular when Coingape reported earlier that Senator Lummis officially published it in July. With growing bipartisan support, the move to the Senate Banking Committee is making the bill more likely than ever.
It’s official! S.4912, the BITCOIN Act of 2024, has been introduced and referred to the Banking committee.
You can follow along on https://t.co/dWMJw4p97s pic.twitter.com/w4bE5IZxqW
— Cynthia Lummis 🦬 (@CynthiaMLummis) August 3, 2024
Barely 48 hours after the Lummis published the Bill and it has gained significant support. According to Dennis Porter, the CEO and founder of Satoshi Act Fund, United States senators have received a total of 2,200 letters requesting them to co-sponsor the Bitcoin Reserve bill.
Out of the 2,200 senders of these letters, 1,333 are from the Democratic Party, 850 are members of the Republican Party while another 41 are Independents. This outlook suggests that the plan to turn to Bitcoin to save the US economy is a welcomed idea.
Significantly, this support is hinged on Bitcoin’s capacity to amass much value in a few years. The speculations is that it would reach millions of dollars per coin in a few years.
Bitcoin Takes Spotlight in U.S Elections
The United States is at a major inflection point where most politicians including Donald Trump and Kamala Harris are looking to do right by the asset. The need to score major points with the crypto community might push this Bill into being signed into law. If signed, the Bill will back the government into building a BTC stockpile.
Here is a background to what the Bill is about. The Wyoming Senator Lummis proposed that the US government invest funds into acquiring Bitcoin. She believes this strategy will help protect the dollar’s place as a world currency. Sen. Lummis noted that the inclusion of this cryptocurrency as a financial asset would strengthen the American economic condition.
Considering the direction that the 2024 presidential elections are taking, Sen. Lummis’ Strategic Bitcoin Reserve Bill might have a few months left before it is passed.
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