Senator Cynthia Lummis has introduced the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024" (Bitcoin Act of 2024).
The purpose of this legislation is to create a strategic Bitcoin reserve by providing transparent management of federal BTC holdings and offsetting costs through Federal Reserve resources.
The bill mandates the creation of a Bitcoin reserve to strengthen the US position in the global digital economy and increase competitiveness in the cryptocurrency sector.
JUST IN: 🇺🇸 Senator Lummis publishes #Bitcoin Strategic Reserve legislation. pic.twitter.com/YnBPoEdpPy
— Bitcoin Archive (@BTC_Archive) July 31, 2024
Emphasizing transparency, the law requires regular audits, public disclosure, and rigorous oversight to maintain public confidence in government Bitcoin tokens.
Using Federal Reserve resources, the bill aims to minimize the financial burden on taxpayers while maintaining the Bitcoin reserve.
The bill was read twice in the Senate and referred to the appropriate committee for further consideration.
Alphractal, a cryptocurrency analysis firm, has voiced concerns about Bitcoin’s current market trajectory, suggesting it may be on the verge of entering a bear market phase.
Recent blockchain data reveals that a segment of Bitcoin investors has started selling off assets to lock in profits following a recent price surge.
CryptoCon confidently predicted an imminent bull market for Bitcoin, downplaying concerns of a recession or prolonged bear market.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.