The post Analysts touts Bitcoin reserve bill as solution to rising US debt appeared on BitcoinEthereumNews.com.

Simon Dixon, a financial analyst, has described the Strategic Bitcoin Reserve Bill as the only solution to the US debt problem. He shared this opinion in light of Senator Cynthia Lummis’s decision to introduce the Bill to the Senate floor a few days after presenting it at the Bitcoin Conference. The Bill, officially named the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, seeks to create a Bitcoin reserve for the US. It has been attracting considerable attention from the crypto community in recent days. Crypto advocate calls for the community to support the Bitcoin ACT According to Dixon, the Bill will permanently solve the US debt problem by gradually reducing the powers of the Federal Reserve. This suggests that the privately owned Fed is responsible for the country’s current debt crisis. He wrote that the Bill will: “Slowly make the #Fed irrelevant. Less #Fed power = less military industrial complex power.” Meanwhile, Dennis Porter, the CEO of Satoshi Act Fund, has called on the crypto community to message their Senators and ask them to support the Bill. He noted that the Bill requires a cosponsor in the Senate to move forward. The Bill proposes that the US buy 200,000 BTC under a five-year Bitcoin purchase program. It intends to fund that purchase by setting aside $6 billion from the Fed’s net earnings, reducing the Fed discretionary surplus funds, and revaluing the Fed gold certificates to reflect their current value. Talks of making Bitcoin a reserve asset gained momentum after Donald Trump endorsed the idea at the recent Bitcoin Conference. Lummis also presented the Bill to attendees at the event. The US national debt is currently $35.04 trillion and is projected to reach $54 trillion within the next decade, according to the Congressional Budget Office (CBO). US…

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Filed under: News - @ August 1, 2024 9:14 am