By Amaka Nwaokocha

Senator Cynthia Lummis introduced the bill on July 31, which would direct the US government to start a reserve Bitcoin fund.

Over 2,200 letters were sent to United States senators in 48 hours urging them to co-sponsor and support Senator Cynthia Lummis’s newly proposed Strategic Bitcoin Reserve bill.

In a post on X, Lummis expressed gratitude for the support given to the Strategic Bitcoin Reserve bill.

In an Aug. 3 X post, Dennis Porter, founder of the Satoshi Action Fund, said that Democratic Party senators received 1,333 letters, Republican Party senators received 850, and Independents received 41. This bipartisan outreach demonstrates that interest in Bitcoin and its potential strategic value crosses political and ideological lines.

Lummis, a prominent advocate for the crypto industry, introduced the Bitcoin Strategic Reserve bill on July 31. The bill aims to establish a national reserve of Bitcoin and position the US as a leader in the adoption and secure management of the world’s first cryptocurrency.

The proposed legislation would direct the US government to create a decentralized network of secure Bitcoin vaults managed by the US Treasury, ensuring strict cyber and physical security measures.

Bipartisan support

Lummis’s proposal includes ambitious goals, such as accumulating 1 million Bitcoin, representing approximately 5% of the total Bitcoin supply. The bill suggests using existing US Treasury funds to purchase Bitcoin, similar to the Treasury’s gold allocation. 

This strategy aims to bolster the country’s financial reserves with a decentralized, scarce asset, providing an alternative to traditional financial instruments.

The establishment of a Strategic Bitcoin Reserve could have significant implications for both the US and the global cryptocurrency market, with the US effectively signaling its recognition of Bitcoin’s value.

This move could also spur other nations to consider similar moves, creating massive demand for Bitcoin worldwide.

Independent presidential candidate Robert F. Kennedy Jr. and Republican nominee Donald Trump have made similar pledges to establish a US Bitcoin reserve if elected president.