The post Bitcoin Reserve Push: Over 1,100 Letters Sent To US Senators For Bill Support appeared on BitcoinEthereumNews.com.

Bitcoin as a strategic reserve asset in the United States is witnessing significant reactions from the cryptocurrency industry as Dennis Porter, the Chief Executive Officer (CEO) and co-founder of Satoshi Action Fund has revealed a huge wave of letters from the community to the US Senators urging them to endorse the bill, poised to bolster the American economy. Crypto Community Demonstrates Massive Support For Bitcoin Reserve Bill On Wednesday, US Senator and crypto advocate Cynthia Lummis officially introduced the BTC Strategy Reserve Bill also known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024. It is worth noting that Lummis initially hinted at the bill during the recently concluded Bitcoin2024 conference in Nashville, Tennessee, before officially introducing it to the public on Wednesday. The bill is intended to boost the American financial system, allowing BTC to act as a hedge against inflation and foster the US dollar. Specifically, it will direct the US Treasury to purchase about 1 million BTC in the period of 5 years as a strategic reserve asset to stabilize the dollar. Additionally, it will establish a decentralized network of safe BTC vaults managed by the US Department of Treasury, with legal criteria guaranteeing the best possible physical and cybersecurity protection for the country’s BTC assets. She stated: Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. The BITCOIN Act establishes a strategic Bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet and ensure the transparent management of Bitcoin holdings of the federal government. Following the inception of the bill, Satoshi Action Fund Co-founder, Dennis Porter, launched a pool, allowing the…

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Filed under: News - @ August 3, 2024 1:26 pm