💰US Congress to Vote on Bitcoin Reserve Bill 🤑

US Senator Cynthia Lummis has introduced the "Bitcoin Act of 2024" to Congress, proposing the establishment of a strategic reserve for the world’s first cryptocurrency.

📌 Key Details:

✅ The bill aims to create, store, and manage private keys associated with state-owned Bitcoin assets.
✅ The proposed reserve would include 1 million $BTC, with annual purchases capped at 200,000 $BTC over five years.
✅ Funding would come from the Federal Reserve’s gold reserves.
✅ Bitcoin acquired would be held for at least 20 years, with exceptions specified in the document.

The responsibility for maintaining the reserve falls to a designated “Secretary”, tasked with:

🔤 Ensuring security and monitoring of Bitcoin assets.
🔤 Establishing a proof-of-reserve system to ensure transparency.

Even after the minimum holding period, the Secretary cannot recommend selling more than 10% of the assets within a two-year window.

📚 Terminology and Innovations
The bill introduces several key terms such as “airdrop,” “Bitcoin purchase program,” “cold storage,” and “fork.” While these terms align with established crypto definitions, the bill uses “Bitcoin” exclusively, even where broader terms like “cryptocurrency” might apply.

💡 Expert Opinions:

✅ Galaxy Digital CEO Mike Novogratz predicts Bitcoin could hit $500,000 if the reserve is established, though he cautions political power struggles could delay its implementation.
✅ MicroStrategy founder Michael Saylor calls the Bitcoin reserve the “best deal of the 21st century.”

This landmark initiative could mark a turning point for Bitcoin adoption at the national level. What do you think — is the US ready for this bold move?

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