Michael Saylor, co-founder of Strategy, is spearheading a group of crypto CEOs in an attempt to drive the Bitcoin reserve bill in Washington, D.C. The bill calls on the US government to buy one million Bitcoins within five years, based on the nation’s gold reserves.
Major Players of Bitcoin Reserve Bill
Saylor, along with Marathon Digital CEO Fred Thiel and Cardano founder Charles Hoskinson, is also sitting down with lawmakers regarding the legislation.
Senator Cynthia Lummis, who is a Republican, and Representative Nick Begich, a Republican, are sponsoring the Bitcoin reserve bill, the BITCOIN Act. The bill is bipartisan in nature so far but does not have Democratic backing.
Strategic Significance of Bitcoin
The proposal, the BITCOIN Act, was re-presented by Senators Bill Hagerty and Cynthia Lummis, and Representative Pete Sessions. The proposal provides phasing buying a million of Bitcoin in a budget-neutral manner to preclude deficit impact.
Reports indicate that if enacted, the government will use “budget-neutral strategies” to accumulate BTC. This follows an executive order issued by then-President Donald Trump, requiring law enforcement to keep seized Bitcoin and other virtual currencies in a permanent government fund instead of auctioning them.
The Push for Bipartisan Support
Bipartisan passage of the Bitcoin reserve bill is being lobbied. Advocates refer to Bitcoin as a national security and economic competitiveness matter. The Digital Power Network, a subsidiary of the Digital Chamber, is positioning the bill as bipartisan. Hailey Miller, director of government relations for the DPN, said, “Our real push is to make sure that the BITCOIN Act and a strategic BTC reserve remain a priority.”
MicroStrategy Historic BTC Holdings
Before the U.S. reserve even becomes a plan, Saylor’s firm has already moved. MicroStrategy holds around 638,460 BTC so far in September, from 446,000 last year. This ambitious build-up strategy places MicroStrategy in a de facto leadership role as a template for sovereign-sized BTC reserves.
Current Status and Future Steps
So far, the bill has not set hearings before the House Financial Services Committee or the Senate Banking Committee. Recent momentum to discuss legislation for regulating stablecoins stems from a clear eagerness to integrate digital assets into the formal financial framework.
