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- U.S. senator proposes to acquire 1 million Bitcoin for a national reserve.
- Bitcoin integration aims to strengthen economic stability and security.
- Proof of Reserve system ensures transparency and public accountability.
Senator Cynthia Lummis has introduced the Bitcoin Act of 2024, a proposal to establish a Strategic Bitcoin Reserve for the United States.
The plan seeks to acquire 1 million BTC over five years and reduce the national debt by 50% within two decades. By incorporating Bitcoin into its asset strategy, the U.S. aims to position itself as a leader in digital finance.
Bitcoin as a Hedge Against Economic Uncertainty
Senator Lummis doubled down on Bitcoin’s potential to slash the national debt, describing it as a hedge against economic risks. The plan also introduces a cryptographically attested Proof of Reserve system to enhance transparency. An initial $6 billion in annual earnings from the Federal Reserve will fund the reserve, alongside measures affirming citizens’ property rights for Bitcoin self-custody.
Lummis’s vision for a Strategic Bitcoin Reserve…