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Bipartisan Support Grows for U.S. Bitcoin Reserve as Strategic National Asset Support is growing within the U.S. Congress for the establishment of a U.S. Bitcoin reserve, marking a significant shift in how lawmakers view the cryptocurrency’s role in the nation’s financial future. This bipartisan effort, spearheaded by Senator Cynthia Lummis (R-WY) and recently backed by Representative Ro Khanna (D-CA), calls for the acquisition of 1 million Bitcoin using funds from the Federal Reserve and U.S. Treasury. The proposal underscores the belief that Bitcoin could serve as a strategic national asset, strengthening the country’s financial position in a rapidly evolving global economy. Introduced by Senator Lummis in July 2024, the bill seeks to make the U.S. the largest Bitcoin-holding nation, a bold step that reflects the growing recognition of Bitcoin’s potential as a store of value and hedge against economic instability. The Strategic Case for a U.S. Bitcoin Reserve Bitcoin has often been described as digital gold, due to its finite supply of 21 million coins and its appeal as a store of value. With the increasing adoption of Bitcoin by both individuals and institutions, the cryptocurrency is being considered as a hedge against inflation and economic uncertainty. The concept of a Bitcoin reserve would involve the U.S. government holding a significant portion of the global Bitcoin supply, giving it a strategic asset that could appreciate over time and serve as a counterbalance to national debt and inflationary pressures. According to Crypto Briefing, Senator Lummis and her co-sponsors believe that acquiring Bitcoin would strengthen the U.S. dollar’s position and provide long-term financial stability. The proposal is also seen as a way to safeguard against potential challenges posed by other countries’ increasing interest in digital currencies, particularly those exploring central bank digital currencies (CBDCs). Bipartisan Momentum: Ro Khanna Joins the Effort The…

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Filed under: News - @ October 3, 2024 4:18 am