Senator Cynthia Lummis has introduced the Strategic Bitcoin Reserve bill to the US Congress, marking the start of a legislative process that could impact the cryptocurrency market and US economic policy. The bill, also known as the Bitcoin Act of 2024 (S.4912), has been assigned to the Senate Committee on Banking, Housing, and Urban Affairs.
The bill proposes creating a reserve of 1 million BTC, approximately 5% of the total supply, funded by surplus Treasury funds. This measure aims to tackle rising inflation and national debt.
The bipartisan support for the bill is strong, as demonstrated by the 2,500 letters sent to lawmakers from bipartisan members, highlighting significant interest in Bitcoin’s value. This move could influence both US and global cryptocurrency markets if it passes.
