Senator Cynthia Lummis Proposes B.I.T.C.O.I.N. Act to Establish U.S. Strategic Bitcoin Reserve

In a landmark legislative move dated November 8, 2024, Senator Cynthia Lummis has proposed the B.I.T.C.O.I.N. Act, which seeks to establish a "Strategic Bitcoin Reserve" for the United States. The bill authorizes the Treasury to purchase 1 million bitcoins over a five-year period, amounting to approximately 5% of the total Bitcoin supply.

Financing this acquisition will cleverly utilize the appreciated value of U.S. Gold Certificates, effectively converting part of the nation's gold reserves into Bitcoin holdings. The acquired bitcoins are mandated to be held for a minimum of 20 years, signaling a long-term strategic commitment rather than short-term speculation.

Transparency is a core feature of the plan, requiring the Treasury to publish quarterly reports detailing Bitcoin holdings and transactions. Furthermore, the legislation permits individual states to create their own Bitcoin reserves, held separately in segregated accounts, opening opportunities for decentralized state participation in crypto assets.

This legislative interest in Bitcoin has surged notably following the recent elections, with Bitcoin's price rallying alongside growing institutional and governmental acknowledgment. For crypto enthusiasts and investors, platforms like Bitlet.app offer innovative solutions such as Crypto Installment services, enabling users to buy Bitcoin now and pay monthly, making such investments more accessible amid evolving market dynamics.

The B.I.T.C.O.I.N. Act represents a strategic fusion of traditional assets like gold with digital currencies, positioning the U.S. to potentially benefit from Bitcoin's growing global role. Keep an eye on developments through credible sources and platforms like Bitlet.app to stay informed on how to participate in this evolving financial landscape.