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Bitcoin as a strategic reserve asset in the United States is witnessing significant reactions from the cryptocurrency industry as Dennis Porter, the Chief Executive Officer (CEO) and co-founder of Satoshi Action Fund has revealed a huge wave of letters from the community to the US Senators urging them to endorse the bill, poised to bolster the American economy.
Crypto Community Demonstrates Massive Support For Bitcoin Reserve Bill
On Wednesday, US 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.
It is worth noting that Lummis initially hinted at the bill during the recently concluded Bitcoin2024 conference in Nashville, Tennessee, before officially introducing it to the public on Wednesday. The bill is intended to boost the American financial system, allowing BTC to act as a hedge against inflation and foster the US dollar.
Specifically, it will direct the US Treasury to purchase about 1 million BTC in the period of 5 years as a strategic reserve asset to stabilize the dollar. Additionally, it will establish a decentralized network of safe BTC vaults managed by the US Department of Treasury, with legal criteria guaranteeing the best possible physical and cybersecurity protection for the country’s BTC assets.
She stated:
Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. The BITCOIN Act establishes a strategic Bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet and ensure the transparent management of Bitcoin holdings of the federal government.
Following the inception of the bill, Satoshi Action Fund Co-founder, Dennis Porter, launched a pool, allowing the crypto community to express their view regarding the law to the US Senators. He disclosed that nearly a day after sharing the pool on the X (formerly Twitter) platform, over 1,100 letters have been sent to the senators, indicating the increasing support for acknowledging Bitcoin as a strategic asset for the US.
According to the data shared by the CEO, Democrats received about 649 letters, comprising almost 60% of the total notes, while Republicans received over 442. The purpose of the letters is to convince politicians of the value of including BTC in the national financial plan.
Institutional Response Towards The Act
The BITCOIN Act of 2024, has also seen notable support among major institutions in the crypto industry. Digital Chamber, a popular blockchain trade firm, has also sent a letter to the US Senators imploring them to back the act, underscoring the firm’s efforts toward a forward-thinking approach to crypto policies.
The company’s move is attributed to its belief that the legislation can provide a better economic future for the nation. “This bill aligns with our national interests, demonstrates fiscal responsibility, and embraces technological advancements to alleviate economic burdens,” the firm stated.
Featured image from LinkedIn, chart from Tradingview.com
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