US Lawmakers Push Bipartisan Support For Bitcoin Reserve Bill
US Lawmakers are now uniting in bipartisan support to push a new Bitcoin Reserve plan, boosting the US’ Bitcoin holdings. The bill was introduced by Senator Cynthia Lummis at the 2024 Bitcoin Conference and proposes the US purchasing 1M Bitcoin with federal funds. Lummis’ proposal sparked a wide conversation on how the country should handle Bitcoin’s rapid growth. This summer, US Senator Cynthia Lummis said the government’s Bitcoin reserves can help strengthen the dollar. Indeed, Lummis how BTC can “help the US dollar remain strong,” as the country continues to fend off geopolitical efforts to weaken the greenback. Additionally, Lummis proposed legislation revealed that the reserve would be funded partly by retooling the Federal Reserve’s Gold stash. The United States currently has millions of dollars worth of BTC held by the DOJ and millions in Gold reserves. However, if the US were to move the Bitcoin from the DOJ to the US treasury, the country’s Bitcoin stash...