Senator Cynthia Lummis, R-Wyoming, is proposing a bold new initiative – the creation of a Bitcoin reserve fund for the United States. The proposal comes after recent statements by President-elect Donald Trump on the role of cryptocurrencies.
The BITCOIN Act 2024 proposed by Lummis would be implemented over five years, with the US Treasury purchasing 200,000 BTC per year to build a US Bitcoin reserve fund. At current prices, this would be an investment of around $76 billion.
Notably, Lummis’ political faction currently holds a majority in both the Senate and the House of Representatives. According to Stand With Crypto, 261 pro-crypto candidates have been elected to the House of Representatives, while only 116 are anti-crypto candidates. In the Senate, there are 17 pro-crypto candidates and 12 against.
This would increase the chances of Lummis’ Bitcoin bill passing, in contrast to the Biden administration, where bipartisan efforts have been difficult due to a divided Congress.
Support from industry leaders, coupled with Bitcoin’s recent rally to new records, is giving the initiative a boost. If successful, the BITCOIN Act could put the US at the forefront of a global financial revolution.