"U.S. Must Evolve": The Struggle for Cryptocurrency Supremacy within the American Territory
The United States is gearing up for a financial revolution with the reintroduction of the BITCOIN Act in the Senate by Sen. Cynthia Lummis, R-Wyo. This move comes as Sen. Roger Marshall, R-Kan, one of the bill's co-sponsors, emphasizes the need for America to adapt to maintain its financial dominance globally.
Creating a Strategic Bitcoin Reserve
This groundbreaking legislation intends to establish a Strategic Bitcoin Reserve, elevating bitcoin to the status of a national asset akin to gold. The aim is to boost financial security, diversify U.S. holdings, and provide a safety net against economic instability.
The BITCOIN Act signifies a fusion of technological innovation and national financial strategy that's never been seen before. As the first commitment of its kind, the U.S. government is now poised to invest long-term in bitcoin through executive and legislative actions. The bill builds on President Trump's 2025 executive order, which paved the way for a Strategic Bitcoin Reserve. By reintroducing the BITCOIN Act, the U.S. Congress plans to enshrine this initiative into law, securing bitcoin's permanent role as a strategic asset.
State-Level Participation
The legislation also allows U.S. states to participate at the state level, giving them the option to store their bitcoin in accounts within the Federal Reserve while retaining ownership. This initiative will be funded using excess earnings from the Federal Reserve and adjustments to gold certificate valuations, ensuring no extra tax burden on citizens.
Key Provisions of the BITCOIN Act
The BITCOIN Act proposes the formation of a secure, nationwide Bitcoin storage network, with government facilities safeguarding the reserves. Advanced cybersecurity measures will safeguard these assets, and regular audits will ensure integrity. Under the bill, the U.S. government may purchase up to 1 million bitcoin over five years, acquiring 200,000 bitcoin annually. No sale can be considered until the assets have been held for a minimum of 20 years.
The bill calls for transparency and security, requiring public audits and the implementation of a cryptographic proof of reserve system. Any bitcoin currently held by federal agencies through seizures will be transferred into the reserve instead of liquidated.
'America, Buy Bitcoin!'
Business heavyweights like Michael Saylor, CEO of Strategy, advocate for increased government ownership of bitcoin. Saylor, a major bitcoin investor, recently suggested that the U.S. government should aim to hold up to 25% of Bitcoin's total supply by 2035.
Odds of Passage
With an executive order and legislative bill in place, the United States is considering making bitcoin a part of its strategic reserve assets. According to Polymarket odds, there's a 4% chance the Senate will pass an act to acquire at least 1 million bitcoin by April 30th, 2025. The success of this legislation remains uncertain, as the Senate and House grapple with whether to cement Bitcoin's role in America's long-term financial strategy.
Democratic response has been mixed. Sen. Elizabeth Warren, a critic of cryptocurrency, remained vague in her statement, while Rep. Ro Khanna offered rare bipartisan support, recognizing bitcoin's potential role in a diversified economic strategy.
American technological dominance may soon extend to the digital frontier, with the BITCOIN Act serving as a powerful reminder that our nation's financial future is paramount. Just as the nation invested in gold to secure its wealth, we are now poised to embrace the promise of Bitcoin as a strategic national asset.
- Sen. Cynthia Lummis, a Republican from Wyoming, and her colleagues are planning to invest in bitcoin reserves, aiming to acquire up to 1 million bitcoin over five years, as part of the BITCOIN Act.
- By 2035, business magnate Michael Saylor, CEO of Strategy, suggests that the U.S. government should aspire to hold a significant portion of Bitcoin's total supply, similar to the country's gold reserves.
- In 2025, the BITCOIN Act may enshrine the U.S. government's investment in bitcoin, as mandated by President Trump's executive order, and secure bitcoin's role as a strategic asset through government purchasing and state-level participation.
