In a strategic move, the US government intends to hold onto its existing 183,850 BTC reserves, valued at around 17.36 billion USD. Instead of acquiring new Bitcoin, discussions will focus on an expanded reserve policy, as suggested by Galaxy Research.
Senator Cynthia Lummis aims to introduce the Bitcoin Act 2024, which could enable the US to purchase up to 200,000 BTC annually. Over five years, this could build a strategic reserve totaling 1 million BTC, signaling increased US engagement in the cryptocurrency market.
Competition among countries for Bitcoin is intensifying. While the US secures reserves, nations like China and smaller countries in Asia consider strategic acquisitions. This global race for Bitcoin highlights its perceived importance in economic and political arenas.