The bill, carried by a Republican senator, aims to ensure that the United States ultimately holds one million bitcoins.
“Buy 200,000 bitcoins per year, for five years, to increase the acquisition to 1,000,000 bitcoins.” This is what the “Bitcoin act” states, a bill introduced by Wyoming Republican Senator Cynthia Lummis. The objective of this bill is “to establish a strategic reserve of bitcoins” to “strengthen the financial position of the United States” but also to “supplement existing national reserves in order to strengthen the position of the US dollar in the system global financial institution.
Cynthia Lummis believes that the acquisition and long-term storage of bitcoins can strengthen the financial situation of the United States “by providing a hedge against economic uncertainty and monetary instability.”
It states that “diversifying U.S. domestic assets to include bitcoin can improve the financial system.”
Keep bitcoins for at least 20 years
In an interview with Fox Business on Friday, November 22, the senator described bitcoin “as a long-term store of value and an asset with strategic reserve potential similar to gold.”
“Americans are still suffering from inflation, high prices, and they want to reduce the national debt,” Cynthia Lummis said.
“This is how you can do it with an asset that is immutable and can be easily held by the federal government in a variety of vaults,” she explained in the interview.
With the Bitcoin Act, Cynthia Lummis's wish is to preserve the assets of the United States in the long term. “To ensure the stability and security of the strategic bitcoin reserve, the Secretary must retain all bitcoins acquired under the purchase program for at least 20 years,” she explains in her bill.
She recalled that the United States held more than 208,000 bitcoins seized during various cases. These 208,000 bitcoins are worth more than $20 billion at the current price.
