{"id":435278,"date":"2024-07-27T23:00:51","date_gmt":"2024-07-27T22:00:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=435278"},"modified":"2024-07-28T00:36:48","modified_gmt":"2024-07-27T23:36:48","slug":"lummis-introduces-legislation-to-establish-1-million-bitcoin-strategic-reserve-for-the-us","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/lummis-introduces-legislation-to-establish-1-million-bitcoin-strategic-reserve-for-the-us\/","title":{"rendered":"Lummis introduces legislation to establish 1 million Bitcoin strategic reserve for the US"},"content":{"rendered":"<p>Senator <a href=\"https:\/\/cryptoslate.com\/people\/cynthia-lummis\/\">Cynthia Lummis<\/a> introduced new legislation that aims to establish a <a href=\"https:\/\/cryptoslate.com\/?s=Bitcoin\">Bitcoin<\/a> strategic reserve for the US totaling at least 1 million BTC \u2014 5% of the total supply.<\/p>\n<p>Lummis announced the new bill at the Bitcoin2024 conference on July 27 following former President <a href=\"https:\/\/cryptoslate.com\/people\/donald-trump\/\">Donald J. Trump's<\/a> keynote, who also vowed to make the US a Bitcoin &#8220;<a href=\"https:\/\/cryptoslate.com\/trump-vows-to-make-america-the-superpower-of-bitcoin-fire-gensler-on-day-1\/\">superpower<\/a>&#8221; and ensure the government never sells the 210,000 BTC it already holds.<\/p>\n<p>The flagship crypto reacted positively to the announcement, reversing most of the day's losses to trade at $68,750 as of press time, based on <em>CryptoSlate<\/em> data.<\/p>\n<h2>Bitcoin reserve bill<\/h2>\n<p>In her speech, Lummis detailed the plan to create a network of secure storage vaults and a purchase program aimed at transparent management of the federal government's Bitcoin holdings.<\/p>\n<p>The initiative would begin by moving the 210,000 Bitcoin the US government currently holds into a <a href=\"https:\/\/cryptoslate.com\/wyoming-senator-to-propose-central-bank-hold-bitcoin\/\">Treasury-managed reserve<\/a>. This reserve will accumulate 1 million BTC over five years, representing 5% of the global supply.<\/p>\n<p>Under the bill, the Bitcoin reserve will be held for at least 20 years and used only to reduce the country's national debt. Lummis suggested that this strategic move could significantly cut the national debt by 2045.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/companies\/microstrategy\/\">MicroStrategy<\/a> executive chairman <a href=\"https:\/\/cryptoslate.com\/people\/michael-saylor\/\">Michael Saylor's<\/a> presentation at the event on July 26 detailed how the US could <a href=\"https:\/\/cryptoslate.com\/microstrategys-saylor-says-first-country-to-buy-bitcoin-by-issuing-currency-wins\/\">eliminate its debt<\/a> by adopting a &#8220;Bitcoin maxi&#8221; strategy. He projected that the US could accumulate $30 trillion in Bitcoin by 2045 after reducing its debt to zero by applying the most aggressive investment strategy.<\/p>\n<p>Saylor believes the first country to begin accumulating Bitcoin by issuing fiat currency will &#8220;win&#8221; and have the highest chance of becoming the world's next superpower.<\/p>\n<h2>Excess Fed reserves<\/h2>\n<p>Lummis said her bill would not require further funding by tax payers since the government already has the money needed to implement the proposed Bitcoin reserve.\u00a0She proposed the conversion of excess reserves from the 12 Federal Reserve Banks into Bitcoin over the next five years.<\/p>\n<p>Lummis argued that holding Bitcoin, an asset that has historically grown in value, could be a more effective financial strategy than holding assets designed to debase over time.<\/p>\n<p>The proposed bill signifies a significant step toward integrating digital assets into national policy, potentially positioning the US as a leader in the global financial landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senator Cynthia Lummis introduced new legislation that aims to establish a Bitcoin strategic reserve for the US totaling at least 1 million BTC \u2014 5% of the total supply. Lummis announced the new bill at the Bitcoin2024 conference on July 27 following former President Donald J. Trump&#8217;s keynote, who also vowed to make the US [&hellip;]<\/p>\n","protected":false},"author":1250,"featured_media":416233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,1,79621,77968,77644,15323,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lummis introduces legislation to establish 1 million Bitcoin strategic reserve for the US<\/title>\n<meta name=\"description\" content=\"Senator Cynthia Lummis introduce a new bill that aims to establish a 1 milllion Bitcoin strategic reserve for the US over the next five years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/lummis-introduces-legislation-to-establish-1-million-bitcoin-strategic-reserve-for-the-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lummis introduces legislation to establish 1 million Bitcoin strategic reserve for the US\" \/>\n<meta property=\"og:description\" content=\"Senator Cynthia Lummis introduce a new bill that aims to establish a 1 milllion Bitcoin strategic reserve for the US over the next five years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/lummis-introduces-legislation-to-establish-1-million-bitcoin-strategic-reserve-for-the-us\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-27T22:00:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-27T23:36:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/05\/cynthia-lummis-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Assad Jafri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Assad Jafri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/lummis-introduces-legislation-to-establish-1-million-bitcoin-strategic-reserve-for-the-us\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/lummis-introduces-legislation-to-establish-1-million-bitcoin-strategic-reserve-for-the-us\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person\",\"name\":\"Assad Jafri\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"caption\":\"Assad Jafri\"},\"jobTitle\":\"Former Editor & Reporter\",\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. 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