As a seasoned researcher with a keen interest in the intersection of technology and finance, I find myself captivated by the current Bitcoin Strategic Reserve bill proposal, spearheaded by Senator Cynthia Lummis. The overwhelming response from the public, evident in the 2,200 letters sent to U.S. Senators, is a testament to the growing interest and acceptance of cryptocurrency as a viable asset class.
After Senator Cynthia Lummis’ request in late July for the passage of a Bitcoin Strategic Reserve bill, US senators have since accumulated more than 2,200 letters expressing their backing for this initiative.
As an analyst, I’d rephrase it as follows: I propose a plan that seeks to establish a network of robust, secure Bitcoin (BTC) storage systems, overseen by the U.S. Treasury. This legislation requires both lawmakers and government officials to adhere to rigorous cybersecurity practices and physical security standards, ensuring the protection of Bitcoin assets from potential theft.
**BREAKING NEWS:** In the last 2 days, more than 2,200 letters have been dispatched to U.S. Senators, urging them to endorse and back the ‘Strategic Bitcoin Reserve’ bill as co-sponsors.
🔵Democrats received – approximately 1,333 letters
đź”´Republicans received – around 850 letters
⚪️Independents received – roughly 41 letters— Dennis Porter (@Dennis_Porter_) August 3, 2024
As per the CEO of Satoshi Action Fund, Dennis Porter’s report, a total of 1,300 letters were sent to Democratic senators, compared to 850 for Republican senators. Only 41 letters were addressed to Independent Party senators.
Senator Lummis quoted Porter’s post, giving thanks to those who sent the letters.
I cannot thank each of you who has sent a letter.
— Cynthia Lummis 🦬 (@CynthiaMLummis) August 3, 2024
BITCOIN Act To Senate
On July 31st, Representative Lummis introduced a bill called BITCOIN in the U.S. Senate, aiming to boost innovation, technology, and competition across the nation.
Under the BITCOIN Act, the U.S. Treasury aims to accumulate an impressive amount of Bitcoin, which is roughly equivalent to 5% of the entire Bitcoin supply, or about a million units.
To reach this goal, Lummis suggests tapping into current U.S. Treasury reserves to buy an equivalent amount of Bitcoin as the Treasury’s existing gold holdings.
In July, Senator Lummis’ team issued a statement explaining the potential importance of a proposed bill. They suggested that establishing a strategic Bitcoin reserve could be crucial for future generations as it might aid them in managing escalating inflation rates.
Using Bitcoin as a savings technology could propel our nation into a pioneering role in financial advancement, mirroring the Louisiana Purchase’s impact on territorial expansion. This step towards embracing this innovative digital currency might pave the way for us to explore the uncharted territories of future finance.
Wyoming Senator Cynthia Lummis
In the opening phase of the fiscal year 2024, according to reports from the Financial Times, the inflation rate in the United States increased beyond 3%.
Ever since then, U.S. inflation rates have been on a downward trend, fueling conversations about possible interest rate reductions from the U.S. Federal Reserve – a development that has piqued my interest as a crypto investor, given its potential impact on the digital currency market.
With inflation easing, investors are taking a second look at their investment choices, and cryptocurrency has become a significant topic of discussion among them in the lead-up to the 2024 Presidential Election.
Political contenders representing both the Republican and Independent factions, Donald Trump and Robert F. Kennedy Jr., appear to advocate for the establishment of a Bitcoin depository system.
As a researcher observing the political landscape, I’ve noticed that Vice President Kamala Harris, who is currently the presumptive Democratic nominee, has gained backing from influential figures within the cryptocurrency industry. This is a demographic where President Joe Biden previously faced challenges in garnering support.
Kamala Harris demonstrates competence and is backed by an excellent group of people. I’m excited about the direction things are taking, and I can’t wait to learn more about her stance on cryptocurrency.
— Anthony Scaramucci (@Scaramucci) July 25, 2024
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2024-08-03 20:10