Bitcoin as a strategic reserve asset in the United States is receiving significant backlash from the cryptocurrency industry as Dennis Porter, CEO and co-founder of the Satoshi Action Fund, revealed a huge wave of letters from the community to US Senators calling on them to support a bill that aims to strengthen the American economy.
Cryptocurrency community shows overwhelming support for Bitcoin reserve bill
On Wednesday, US senator and cryptocurrency advocate Cynthia Lummis officially It was introduced The BTC Strategic Reserves Act, also known as the Act on Promoting Innovation, Technology and Competitiveness Through Optimized Investments throughout the Nation (BITCOIN) of 2024
It is worth noting that In the snow The bill was initially suggested at the recently concluded Bitcoin2024 conference in Nashville, Tennessee, before being officially introduced to the public on Wednesday. The bill aims to strengthen the U.S. financial system by allowing BTC to act as a hedge against inflation and support the U.S. dollar.
Specifically, it will direct the U.S. Treasury to purchase approximately 1 million BTC over a 5-year period as a strategic reserve asset to stabilize the dollar. It will also establish a decentralized network of secure BTC vaults managed by the U.S. Treasury, with legal criteria to ensure the best possible physical and cyber protection for the country’s BTC assets.
She stated:
Bitcoin is changing not only our country, but the world, and by becoming the first developed country to employ Bitcoin as a savings technology, we are securing our position as a global leader in financial innovation. The BITCOIN Act establishes a strategic reserve of Bitcoin to serve as an additional store of value, to strengthen America’s balance sheet and ensure limpid management of Bitcoin assets within the federal government.
Following the introduction of the bill, Satoshi Action Fund co-founder Dennis Porter launched a pool allowing the cryptocurrency community to voice their views on the bill to U.S. senators. He revealed that almost a day after the pool was made available on Twitter, more than 1,100 letters were sent to senators, indicating growing support for recognizing Bitcoin as a Strategic Asset for the US.
According to data shared by the CEO, Democrats received about 649 letters, which is almost 60% of all the notes, while Republicans received over 442. The aim of the letters is to convince politicians of the value of including BTC in the national financial plan.
Institutional response to the act
The BITCOIN Act of 2024 has also seen significant support from major institutions in the cryptocurrency industry. Digital Chamber, a popular blockchain trading firm, has also sent a letter to US senators urging them to support the bill, highlighting the company’s efforts to take an creative approach to cryptocurrency policy.
The company’s decision is based on the belief that these regulations can ensure a better economic future for the nation. “This bill aligns with our national interests, demonstrates fiscal responsibility, and embraces technological advances to ease economic burdens,” the company said.
Featured image from LinkedIn, chart from Tradingview.com
