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Sujit Kumar
Aug 3, 2024
by Sujit Kumar

Bitcoin Strategic Reserve Bill Gains Massive Support from Crypto Community

Bitcoin Strategic Reserve Bill
Dennis Porter, CEO and co-founder of Satoshi Action Fund, revealed a tremendous response from the cryptocurrency community regarding the Bitcoin Strategic Reserve Bill. Within 24 hours, over 1,100 letters were sent to U.S. Senators, urging them to co-sponsor the bill designed to bolster the American economy.

Introducing the BTC Strategy Reserve Bill

On Wednesday, U.S. Senator and crypto advocate Cynthia Lummis officially introduced the BTC Strategy Reserve Bill, also known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024. Initially hinted at during the Bitcoin2024 conference in Nashville, Tennessee, the bill aims to enhance the American financial system by leveraging Bitcoin as a hedge against inflation and a support for the U.S. dollar.

The legislation directs the U.S. Treasury to purchase about 1 million BTC over five years as a strategic reserve asset. Additionally, it establishes a decentralized network of secure BTC vaults managed by the U.S. Department of Treasury, ensuring top-notch physical and cybersecurity protection for the country’s BTC assets.

Porter's Initiative and Community Response

Following the bill's introduction, Dennis Porter launched an initiative allowing the crypto community to voice their support to U.S. Senators. Nearly 60% of the letters were sent to Democrats, showing significant bipartisan interest. This surge in communication underscores the growing support for Bitcoin as a strategic asset.

Institutional Support for the BITCOIN Act

The BITCOIN Act of 2024 has also garnered notable support from major institutions in the crypto industry. Digital Chamber, a prominent blockchain trade firm, sent a letter to U.S. Senators advocating for the bill. The firm emphasized that the legislation aligns with national interests, demonstrates fiscal responsibility, and embraces technological advancements to alleviate economic burdens.

The BITCOIN Act, with its potential to transform the American economy, highlights the increasing importance of cryptocurrency in national financial strategies. As the debate continues, the community's backing is a powerful indicator of Bitcoin's role in the future of finance.

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Bitcoin Strategic Reserve Bill Gains Massive Support from Crypto Community
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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