here was a turning point when the senator of the United States Congress, Cynthia Lummis presented a bill to prepare the country to build a portfolio of at least 1 million BTC, which accounts to 5% of the total number of BTC.
Building a Bitcoin Reserve
On July 27 at the Bitcoin 2024 conference Lummis presented her pro-Bitcoin strategy just before The former president of the united states Donald Trump took the stage and stated that he plans on making the USA a global leader in BTC. A key moment of the speech was transferring the 210,000 BTC that the government has seized over the years into reserve, which means that they have no plans of selling them.
Strategic Goals and Financial Implications
The goal behind this strategy is to tackle the U.S National debt, which is becoming an alarming issue. Lummis proposed the 210,000 BTC to be held for at least two decades. Moreover the expectation of this move is to reduce the national debt in the next 20 years as the price goes up. MicroStrategy’s Michael Saylor shared the same view when he claimed that the U.S. could use Bitcoin to completely phase out the national debt.
A Transformative Step for the U.S.
Bitcoin has come a long way in the past few years. In 2024 for the first time ever government officials are positively talking about bitcoin. Moreover Senator Lummis has proposed a bill that is quite revolutionary and involves the introduction of Bitcoin into the U.S. national financial strategy. This will pave the way for other countries to adopt similar pro cryptocurrency policies. Such a step may help to establish the U.S. as one of the leading countries in the emergent sphere of digital asset businesses.
