U.S. Bitcoin Bill Gains Support Amid Public Push

U.S. citizens are rallying behind a bill to establish a Strategic Bitcoin Reserve, following recent remarks from former President Donald Trump and Wyoming Senator Cynthia Lummis. According to Bitcoin proponent Dennis Porter, nearly 3,000 constituents have requested senatorial support for the bill, which aims to fortify America’s position in the cryptocurrency market.

Porter noted that Democratic Senators received the majority of these letters, totaling approximately 1,746. This wave of petitions aligns with growing support for Senator Lummis’s crypto legislation. Lummis recently announced the “Boosting Innovation Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024” (BITCOIN Act) at the Bitcoin 2024 conference in Nashville, where she shared the stage with Trump.

Both Lummis and Trump advocate for increasing the U.S. Bitcoin stockpile, with Lummis proposing an annual purchase of 200,000 BTC. The bill targets a total acquisition of 1 million tokens to secure the nation’s status as a leading crypto power. Currently, the U.S. holds over 200,000 BTC, valued at more than $11 billion, representing nearly 3% of all BTC in circulation. These holdings primarily result from crackdowns on illicit online marketplaces like Silk Road.

The establishment of a strategic BTC reserve hinges on Congressional approval and the outcome of the upcoming presidential elections in November. However, there are indications that the current administration may oppose the initiative. Shortly after Trump’s speech in Nashville, the U.S. government transferred $2 billion in BTC to an unidentified wallet, fueling speculation about its stance on the reserve.

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