- The Bitcoin laws of 2024 aim to acquire 1 million Bitcoins for a U.S. reserve.
- Trump’s pro-crypto stance raises support for the Bitcoin protection bill.
- BTC’s record-breaking price strengthens the chances of the legislation’s passage.
Senator Cynthia Lummis has introduced the Bitcoin Act of 2024 to create a U.S. Strategic Bank. The bill is now in the early stages and must pass both the Senate and House before reaching the President for final authorization. This proposal follows the recent spike in the token’s value and Donald Trump’s vocal encouragement for virtual monetary systems.
Trump’s Backing and Bitcoin’s Price Surge Drive the Proposal
After Donald Trump’s election win, his support for creating a Bitcoin reserve has drawn attention to the proposal. His commitment to cryptocurrency and the recent rise of Bitcoin to $93,000 have given the bill considerable momentum. Consequently, many anticipate the bill’s legislative process will advance faster, driven by both Trump’s influence and the record-breaking price of Bitcoin.
Major Sections of the Bitcoin Act of 2024
The BTC law of 2024 includes provisions to acquire up to 1 million Bitcoins over the next five years. These Bitcoins would be held for at least 20 years to ensure long-term preservation and financial safety. To maintain transparency, the bill requires independent audits to verify the reserve’s holdings.
The resolution also outlines how to fund the Bitcoin purchases by using $6 billion from the Federal Reserve’s remittances to the Treasury between 2025 and 2029. This capital would help protect the U.S. from inflation and strengthen its economic position. Additionally, the bill gives states the option to store their Bitcoin in separate accounts, providing more security and flexibility at the state level.
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Shifting U.S. Policy Toward Cryptocurrency
This proposal is part of a wider shift in U.S. policy toward virtualised assets. Earlier this year, the SEC approved the first spot Bitcoin Exchange-Traded Product, signaling growing acceptance of Bitcoin in conventional monetary exchanges. The Bitcoin Act of 2024 enters a more favorable environment for cryptocurrency, where Bitcoin’s role is increasingly seen as vital to economic growth.
Lummis has long supported BTC as a way to enhance U.S. financial stability. With Donald’s backing, the bill has gained more attention, and it might help the U.S. take a leading role in the global digital asset environment.
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