On July 31, Senator Cynthia Lummis introduced a groundbreaking bill aimed at creating a Bitcoin Strategic Reserve. This proposal seeks to establish a government fund dedicated to the decentralized digital asset, Bitcoin.
Widespread Support for the Bill
In just 48 hours, over 2,200 letters were sent to U.S. senators urging them to support Lummis’s bill. In a post on X, Lummis expressed her appreciation for the strong backing.
Dennis Porter, founder of the Satoshi Action Fund, reported on August 3 that the letter campaign included 1,333 letters to Democratic senators, 850 to Republicans, and 41 to Independents. This broad support across party lines shows that interest in Bitcoin’s strategic value spans different political views.
The Bitcoin Strategic Reserve bill aims to create a national reserve of Bitcoin, positioning the U.S. as a leader in managing and adopting the world’s first cryptocurrency.
Major Proposal Unveiled at Bitcoin 2024 Conference
At the Bitcoin 2024 conference in Nashville on July 27, Senator Lummis proposed that the U.S. government buy 5% of the global Bitcoin supply and hold it for at least 20 years. Speaking after Donald Trump endorsed the idea, Lummis suggested this move could help reduce national debt, calling it “the solution.”
She stressed the urgency of setting up a Bitcoin reserve to strengthen the nation’s financial security, especially given the U.S.’s growing debt, which is approaching $35 trillion, with a debt-to-GDP ratio nearing 120%.
Looking Ahead with Optimism
Lummis expressed confidence in Trump’s potential to support the bill, citing his pro-business stance and innovative mindset. She believes Trump would create a favorable environment for innovation while protecting consumers.
She also pointed to influential figures like Larry Fink of BlackRock and Michael Saylor of MicroStrategy, who have integrated Bitcoin into their business models. Lummis concluded, “The naysayers are finally realizing this is for real; this is a legitimate asset class.”
Stay tuned—this is just the beginning.
