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Sujit Kumar
Nov 16, 2024
by Sujit Kumar

U.S. Proposes Bitcoin Act of 2024 to Build Strategic Bitcoin Reserve

Bitcoin Act of 2024

Table of contents

  1. What Is the Bitcoin Act of 2024?
  2. Why Does This Matter?
    1. A Step Toward Crypto Integration
The United States is advancing its financial strategy with the introduction of the “Bitcoin Act of 2024” (S.4912), a bold proposal to establish a Strategic Bitcoin Reserve. Spearheaded by Senator Cynthia Lummis, the bill reflects growing recognition of Bitcoin as a vital asset in the global economy.

What Is the Bitcoin Act of 2024?

The proposed legislation outlines a plan for the U.S. government to acquire and hold Bitcoin, akin to its long-standing gold reserves. Key aspects of the bill include:

  • Annual Purchases: The acquisition of up to 200,000 Bitcoin annually over five years, totaling 1,000,000 BTC.

  • Market Stability: Transparent and non-disruptive purchase processes to ensure market balance.

  • National Safekeeping: Bitcoin holdings will be secured as a national asset, held in trust for the country.

    • Senator Lummis highlights Bitcoin’s potential as a store of value, comparing its role to gold in enhancing national security and financial stability.

    Why Does This Matter?

    As Bitcoin recently surged past $93,000, its importance as a financial asset is more evident than ever. The bill positions Bitcoin not just as a medium of exchange but as a hedge against economic uncertainty. By building a Bitcoin reserve, the U.S. aims to solidify its leadership in the evolving crypto space while protecting its economic interests.

    A Step Toward Crypto Integration

    If passed, the Bitcoin Act of 2024 could signal a paradigm shift in how governments view and utilize digital currencies. With its potential to influence global financial systems, this initiative could shape the future of crypto adoption in the U.S. and beyond.

    Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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    U.S. Proposes Bitcoin Act of 2024 to Build Strategic Bitcoin Reserve
    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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