US Senator Cynthia Lummis has proposed a new bill to partially fund an US strategic Bitcoin The reserve was announced at the Bitcoin Conference that took place in Nashville. A draft bill was shared today by Senator Lummis’ office, which revealed that part of the fund would come from the Federal Reserve Gold Reserve.
The plan, according to its draft, proposes the establishment of a “Bitcoin Purchase Program” The maximum amount of BTC you can receive in a single year is 200,000 BTC. The “Bitcoin Act of 2024,” The following are some of the ways to improve your own understanding. “establish a decentralized network of secure Bitcoin storage facilities distributed across the U.S.” This would determine the location of the vaults “based on a comprehensive risk assessment, prioritizing geographic diversity, security, and accessibility.”
Draft legislation makes it clear that the plan is not without sacrifice. This plan requires that the Federal Reserve set aside 6 billion dollars from all net earnings it transfers to the Treasury in fiscal years 2025-2029. As a result, the Federal Reserve’s discretionary excess funds would be reduced from $6.825billion to $2.4billion.
Also Read: Mt. Gox Bitcoin Creditors Continue to Hodl Distributed Assets
Will the US create the world’s largest Bitcoin Reserve?
Bitcoin is now a major topic of discussion. upcoming Presidential electionSenator Cynthia Lummis often discusses its importance. The US senator assured that Bitcoin could help to strengthen the US dollar. The world is moving away from the dollar, and this is particularly true in recent years.
Depending on the US’s actions, the Bitcoin token could be either a salvation for the US Dollar or a further punishment. Talks are circulating about the US sending its entire current BTC stock from the Department of Justice over to the Department of Treasury and making the BTC national reserve currency.
Bitcoin, in particular, has been a major player on the political scene for years. Donald Trump, the 45th president of the United States has adopted this concept. Donald Trump, the 45th President of the United States has taken up the concept and has become a strong advocate for the growth of the asset. It is possible for the US to establish a large Bitcoin reserve, if he backs Senator Lummis’ plan.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru