U.S. senators received over 2,200 letters within 48 hours advocating for Senator Cynthia Lummis’ bill to make bitcoin a strategic reserve. The bill proposes the U.S. government acquire a significant bitcoin reserve to bolster the U.S. dollar and pay down national debt, aiming to position the U.S. as a global leader in financial innovation.
US Senators Flooded With 2,200 Letters Advocating Bitcoin as Strategic Reserve
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Senators Receive 2,200 Letters Supporting Bitcoin Reserve Bill
U.S. senators were inundated with an influx of over 2,200 letters within a span of 48 hours, each advocating for Senator Cynthia Lummis’ (R-WY) groundbreaking bill. This legislation proposes a bold and visionary strategy for the U.S. government to adopt bitcoin as part of its strategic reserve, underscoring a significant shift in financial policy and national asset management.
Lummis wrote on social media platform X on Friday:
I cannot thank each of you who has sent a letter.
Her remark was in response to a post on X by Dennis Porter, CEO and co-founder of the Satoshi Act Fund, highlighting that over 2,200 letters had been sent to U.S. senators within 48 hours, urging them to co-sponsor and support Lummis’ BTC strategic reserve bill. Porter has encouraged Bitcoin advocates to send letters to their senators, asking them to co-sponsor the strategic Bitcoin reserve bill.
He revealed on Friday that Democratic senators received 1,333 letters, Republican senators received 850 letters, and Independent senators received 41 letters.
Senator Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide ( BITCOIN) Act at the recent Bitcoin Conference in Nashville, Tennessee, and officially brought it to the Senate this week. She described the bill as a “historic proposal to supercharge the U.S. dollar and pay down the national debt by establishing a strategic bitcoin reserve,” highlighting Bitcoin’s transformative impact on both the country and the world. By becoming the first developed nation to adopt Bitcoin as a savings technology, Lummis believes the U.S. will solidify its position as a leader in financial innovation.
The BITCOIN Act aims to implement a “1-million-unit bitcoin purchase program over a set period of time to acquire approximately 5% of the total bitcoin supply, mirroring the scale of U.S. gold reserves,” according to Lummis. The plan will be financed by reallocating resources within the Federal Reserve and the Treasury Department, ensuring strong cybersecurity and physical security measures. Additionally, the act upholds the self-custody rights of private bitcoin holders, with Lummis assuring that individual financial freedoms will not be compromised by the reserve.
What do you think about Senator Cynthia Lummis’ proposal to make bitcoin a strategic reserve? Let us know in the comments section below.
