On July 31, Senator Cynthia Lummis officially presented a proposal in the US Senate to establish a strategic Bitcoin Reserve for the United States.
The bill aims to accumulate 1 million Bitcoins over time, which represents approximately 5% of the total Bitcoin supply. This acquisition would be funded using existing US Treasury resources, similar to how the Treasury manages gold reserves.
The plan outlines the establishment of a "decentralized network of secure Bitcoin vaults," to be operated by the US Treasury. These vaults would feature advanced cybersecurity and physical security measures to protect the digital assets from theft.
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The bill also seeks to reinforce the right to self-custody of Bitcoin in the United States, protecting individuals' ability to manage their Bitcoin holdings without interference from the government.
Lummis commented:
As families across Wyoming struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights, it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve.
Lummis' bill aligns with presidential candidate Robert F. Kennedy Jr.'s plan to match the US government's BTC holdings with its gold reserves, which he presented at the Bitcoin Conference.
Such endorsements suggest a growing recognition of Bitcoin's potential role in the financial strategies of the United States.
