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- Senator Cynthia Lummis proposes funding a U.S. Strategic Bitcoin Reserve by revaluing Federal Reserve gold certificates.
- The “Bitcoin Act of 2024” aims to acquire up to 1 million BTC over five years, using a revaluation of gold certificates to support the funding.
Following our latest update highlighting Trump and Lummis’s push for a Strategic Bitcoin Reserve in the U.S., the proposal, named the “Bitcoin Act of 2024,” outlines a detailed approach for building and securing a U.S. Strategic Bitcoin Reserve.
In a tweet today, Collin Brown, a prominent figure in the crypto community, highlighted Senator Cynthia Lummis’s groundbreaking proposal to fund a U.S. Strategic Bitcoin Reserve by revaluing the Federal Reserve’s gold certificates.
Senator Cynthia Lummis has proposed a groundbreaking plan to fund a U.S. Strategic Bitcoin Reserve by revaluing Federal Reserve gold certificates. The draft bill outlines a Bitcoin Purchase Program to acquire up to 1 million BTC over five years, with the reserve partly financed… pic.twitter.com/ciMQkd5SGW
— Collin Brown (@CollinBrownXRP) July 31, 2024
The draft bill includes a Bitcoin Purchase Program aimed at acquiring up to 1 million BTC over five years, with part of the funding coming from adjusting the gold’s market value. Brown noted that this initiative could significantly impact U.S. cryptocurrency policy and financial strategies.
U.S. Senator Cynthia Lummis, known for her strong support of Bitcoin, introduced this ambitious plan at the Bitcoin Nashville conference. Her proposal comes shortly after former President Donald Trump spoke at the same event, where he endorsed the idea of using the government’s existing Bitcoin holdings to form a national reserve.
According to the latest balance sheet update from the central bank, as of July 24, the Federal Reserve banks reported holding “gold stock” valued at $11 billion. To finance the Strategic Bitcoin Reserve, the plan suggests several financial strategies. These include reallocating $6 billion from the Federal Reserve’s net earnings over five years and reducing the discretionary surplus funds of Federal Reserve banks.
Finally, reiterating CNF’s report on Bitcoin Price Explodes to $68,000 as Donald Trump Might Use BTC as Strategic Reserve for The U.S., the bill also proposes a “Bitcoin Purchase Program” that would accumulate up to 200,000 BTC annually over five years, targeting a total of one million Bitcoins. These assets would be locked in for at least 20 years, with strict rules limiting their sale to specific instances like federal debt repayment.
As of the time of writing, Bitcoin (BTC) is trading at $65,829.90, decreased by 1.07% in the past week, showing a slight increase about 0.73% in the last 24 hours. See BTC Price chart below.
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