The Blubber

US Senator Cynthia Lummis has introduced the BITCOIN Act to establish a strategic Bitcoin reserve
8/1/2024

Senator Cynthia Lummis officially introduced the Bitcoin Strategic Reserve bill, proposing the creation of a reserve fund by the United States government for the decentralized asset Bitcoin.

The bill aims to establish a "decentralized network of secure Bitcoin vaults" managed by the United States Treasury. It also mandates the implementation of stringent cybersecurity protocols and other physical security measures to protect the Bitcoin funds from theft.

Additionally, the bill outlines a target of accumulating 1 million Bitcoin, which represents approximately 5% of Bitcoin's total supply. This would be achieved using existing US Treasury funds to acquire Bitcoin in quantities reflecting the US Treasury's current gold allocation. Alongside the bill's introduction, the Wyoming senator issued a statement highlighting the significance of this proposal.

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