- Over 2,200 letters sent to U.S. senators in 48 hours supporting Lummis’s Bitcoin Strategic Reserve proposal
- Broad bipartisan interest: 1,333 letters to Democrats and 850 to Republicans
- Lummis’s bill targets a national Bitcoin reserve with 1 million BTC to boost U.S. financial reserves and global Bitcoin demand
In just two days, people have sent over 2,200 letters to U.S. senators asking them to support the new Bitcoin Strategic Reserve bill introduced by Senator Cynthia Lummis. This shows just how strong the interest is across the aisle in Bitcoin and its strategic potential.
Widespread Support for Lummis’s Bitcoin Bill
Lummis posted on X to thank everyone for their support. Dennis Porter, who started the Satoshi Action Fund, said that 1,333 letters went to Democratic senators, 850 to Republican senators, and 41 to Independents.
This shows that people on both sides of the political and ideological spectrum are interested in Bitcoin and what it could be worth.
Lummis introduced the “Bitcoin Strategic Reserve” bill on July 31.
The idea is to create a national reserve of BTC to make the U.S. a leader in adopting and securely managing the world’s first crypto-asset. The bill suggests that the U.S. government set up a decentralized network of secure BTC deposits managed by the Treasury.
Ambitious Goals and Potential Global Impact
Lummis’s bill has some pretty ambitious goals, like accumulating one million BTC, which is about 5% of the total supply. The bill suggests using Treasury funds to buy the cryptocurrency, similar to how gold reserves are managed.
The idea is to give the country’s financial reserves a boost with a decentralized and scarce asset, offering an alternative to traditional financial tools.
Setting up a Bitcoin strategic reserve could have a big impact on both the U.S. and the global crypto market. It might also inspire other countries to think about doing something similar, which would drive up global demand for BTC.
Even presidential candidates like Robert F. Kennedy Jr. and Donald Trump have said they’d set up a similar BTC reserve in the U.S. if they’re elected.
Conclusions
To sum up, Cynthia Lummis’s idea of setting up a national Bitcoin reserve is getting a lot of backing from different political parties. If this law gets the green light, it could give U.S. financial reserves a boost and have a knock-on effect on the global crypto market, encouraging other countries to follow suit.
It looks like the future of Bitcoin is going to be pretty exciting, with candidates like Robert F. Kennedy Jr. and Donald Trump backing similar initiatives.
