TLDR
- The Bitcoin Strategic Reserve bill aims for the U.S. to acquire 1 million BTC over five years.
- Michael Saylor, CEO of Strategy, advocates for U.S. leadership in Bitcoin adoption.
- The bill seeks to strengthen U.S. financial security through a national Bitcoin reserve.
- The Treasury Council urges lawmakers to support the Bitcoin Strategic Reserve bill.
On Tuesday, leading figures in the cryptocurrency industry met with U.S. lawmakers on Capitol Hill to discuss a proposed bill that would establish a federal bitcoin reserve. The roundtable, organized by Digital Chambers, saw Strategy CEO Michael Saylor, along with other prominent crypto executives, advocate for the passage of the Bitcoin Strategic Reserve Act. The bill seeks to secure up to 1 million bitcoins for the U.S. over five years.
Bitcoin Reserve Bill and Legislative Support
The Bitcoin Strategic Reserve bill, introduced by Senator Cynthia Lummis and Representative Nick Begich, aims to set up a national reserve of bitcoin. This proposal seeks to purchase as much as 1 million bitcoins over the next five years, building on a 2023 executive order by former President Donald Trump. The order called for the creation of a federal bitcoin reserve, emphasizing the acquisition of digital assets through seized assets and other budget-neutral methods.
The bill’s goal is to strengthen U.S. financial security by securing substantial bitcoin holdings without requiring the government to sell any assets. “The strategy is not to sell the bitcoins but to hold them as a store of value,” said Senator Lummis during the roundtable. The reserve could be bolstered using U.S. Treasury resources, including gold certificates. If passed, the Bitcoin Strategic Reserve would position the U.S. as a leader in global cryptocurrency adoption.
Strategy CEO Michael Saylor’s Advocacy
Michael Saylor, CEO of Strategy, one of the largest public Bitcoin holders, played a central role in the meeting. Saylor has long been a vocal advocate for bitcoin, and during the roundtable, he reinforced his belief in its importance. “Bitcoin represents economic freedom, and the U.S. should lead the world in its adoption,” he stated. Strategy currently holds nearly 639,000 bitcoins, with recent purchases contributing to the company’s growing position in the digital asset space.
Saylor’s company has also played a significant part in advocating for crypto-friendly policies. Through his efforts, Strategy has become a key player in the push to incorporate bitcoin into the U.S. financial landscape. By attending the roundtable, Saylor emphasized the strategic benefits of the Bitcoin Reserve bill, arguing that it would help secure U.S. leadership in the evolving global financial system.
Digital Chambers and Broader Crypto Industry Support
The meeting also featured executives from several other crypto firms, including Bitdeer, Marathon Digital, and Riot. Together, these leaders have formed the Treasury Council, an initiative launched by Digital Chambers to promote the Bitcoin Strategic Reserve bill. The council sent a letter to Congress, urging lawmakers to support the bill.
According to the Treasury Council, the bill would strengthen U.S. monetary stability and hedge against potential systemic risks. It would also reinforce America’s position as a global financial leader. “This initiative is crucial to securing a stable, decentralized digital economy that complements traditional systems,” stated Fred Thiel, CEO of Marathon Digital.
The council’s letter emphasized the potential benefits of the bitcoin reserve, noting that it would create a budget-neutral method for the U.S. to acquire the digital asset while reducing financial risks. With support from high-profile figures in the crypto world, the Bitcoin Strategic Reserve bill is gaining attention and momentum in Washington.
Future Outlook and Next Steps
The Bitcoin Reserve bill’s path forward will likely involve additional discussions and negotiations in Congress. Proponents of the bill hope that it will make it through the legislative process and secure passage in the coming months. As the U.S. government faces various economic challenges, the adoption of bitcoin and the creation of a national reserve could signal a significant shift in how the country handles digital assets.
With increasing backing from crypto advocates and industry leaders like Saylor, the Bitcoin Strategic Reserve bill may soon become a critical element in U.S. financial policy. Whether the bill advances through Congress will depend on broader political support and the ongoing dialogue between lawmakers and crypto industry leaders.
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