In an impressive demonstration of civic engagement, over 2,200 letters flooded US Senators within just 48 hours, advocating for support of Senator Cynthia Lummis’s proposed “Strategic Bitcoin Reserve” bill. The outpouring of correspondence, highlighted on the X, underscores a remarkable bipartisan interest in Bitcoin, transcending traditional political boundaries.
Senator Lummis’s bill, unveiled on July 31, 2024, aims to position the United States as a trailblazer in cryptocurrency adoption. The proposed legislation seeks to establish a national Bitcoin reserve, managed by a decentralized network of secure vaults under the US Treasury’s supervision.
This initiative would see the accumulation of up to 1 million Bitcoin, approximately 5% of the total supply, using existing Treasury funds akin to how gold is currently managed.
Dennis Porter, founder of the Satoshi Action Fund, detailed the breakdown of support on social media: 1,333 letters came for Democrats, 850 for Republicans, and 41 for Independents.
This diverse support illustrates that Bitcoin’s appeal and strategic value resonate across the political spectrum, reflecting a broader acceptance of cryptocurrency’s potential.
Senator Lummis, known for her strong advocacy for cryptocurrency regulation, is pushing a bold vision with this bill. By incorporating Bitcoin into the nation’s financial reserves, the proposal not only aims to enhance the country’s economic security but also to reinforce Bitcoin’s role as a credible asset class. Such a move could set a precedent, encouraging other nations to explore similar strategies and further legitimize Bitcoin on the global stage.
Prominent figures like Robert F. Kennedy Jr. and 2024 Republican presidential nominee Donald Trump have expressed support for significant Bitcoin acquisitions, aligning with Lummis’s goal. The establishment of a Strategic Bitcoin Reserve could have far-reaching implications, potentially reshaping both US financial policy and the global cryptocurrency landscape.
