Senator Lummis introduced the Bitcoin Strategic Reserve Bill in the Senate
In the year On July 31, 2020, Senator Cynthia Lammis officially introduced the Bitcoin Strategic Reserve Act, which would direct the United States government to launch a decentralized asset reserve fund.
Specifically, the bill would establish a “decentralized secure Bitcoin Vault Network” controlled by the United States Treasury. The bill directs lawmakers and bureaucrats to enact strict cyber security measures and other physical security measures to ensure that Bitcoin (BTC) funds are not stolen.
The bill also sets a goal of accumulating 1 million Bitcoins over time, or 5% of the total Bitcoin supply, to acquire Bitcoins in an amount that reflects the US Treasury's gold allocation. In conjunction with the bill's introduction, the Wyoming senator released a statement about the historic proposal:
“As families across Wyoming struggle to keep up with ever-increasing inflation and our national debt reaches new and unprecedented highs, it's time to take bold steps to build a strategic bitcoin stockpile to create a brighter future for generations to come.”
The Loomis Act reaffirmed the right to self-government in the United States. He wants to protect this right, which is being criticized by some US lawmakers.
Related: RFK Jr: Only Bitcoin Can Prove US Dollar's Reserve Currency Status.
Political prospects without bite?
Senator Lummis' Grand Plan to Get 5% of Bitcoin's Total Supply Like RFK Jr. And it has been hinted at and echoed by politicians, the Republican Party's 2024 presidential candidate, Donald Trump.
However, shortly after former President Trump vowed not to sell any US bitcoin holdings, the government transferred 29,800 bitcoins worth an estimated $2 billion to an unmarked wallet address, a move Galaxy Digital CEO Mike Novogratz called “tone deaf.”
Inflation and the dollar crisis
Still others hope that inflation, which is weighing on the U.S. dollar over the government's $35 trillion national debt, will make the case for a hard-hitting asset like bitcoin.
Turbofish CEO Matt Bell believes this is the case, and in a recent statement to Cointelegraph, he argued that the sustainability of fiat currencies is causing serious concern among the global public.
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