Cryptocurrency fan Senator Cynthia Lummis has put forward a bill that would let the US government use Bitcoin as a strategic reserve asset.
Along with five years of payments, the bill would require the US Treasury to buy a million Bitcoins, which are worth about $60 billion. In a similar way to the U.S. Strategic Petroleum Reserve, Lummis said that this project could strengthen the U.S. dollar and lower the national debt by creating a big Bitcoin reserve.
Recently, 2,200 emails have been sent to U.S. senators asking them to support Lummis’ “Strategic Bitcoin Reserve Bill.” Before deciding, the bill will be carefully looked over by the Senate Committee on Banking, Housing, and Urban Affairs. It goes to the U.S. House of Representatives if it is accepted, and if it passes, it goes to the President for approval.
After losing 0.84 percent in value yesterday, the overall value of the crypto market is now around $2.15 trillion. According to Bitcoin, the price of digital assets has dropped over 11% in the last week because of changes in the economy and markets.
As the markets change, the crypto industry remains a major issue in U.S. politics. For example, Donald Trump’s support for digital assets has caused a policy debate.
Passing the Bitcoin Reserve Bill would change how the U.S. financial system handles digital currencies. This would make the U.S. a leader in financial innovation and acknowledge the growing importance of cryptocurrencies around the world.
Achieving bipartisan support for the bill is crucial, as problems like governmental issues and Bitcoin’s price volatility still exist. Cryptocurrency supporters and foes will be paying close attention to the Bitcoin Reserve Bill’s progress because it is a big step toward incorporating digital assets into national economic strategies.
Also, last month, Cynthia Lummis urged the US government to embrace Bitcoin as a reserve asset. She believes that incorporating Bitcoin into the nation’s financial reserves might greatly augment the worth of the US dollar and bolster its stability and influence.
