The cryptocurrency industry is responding notably as Dennis Porter, CEO and co-founder of Satoshi Action Fund, has highlighted a surge of letters from the community to U.S. Senators. These letters urge the endorsement of a bill that could enhance the American economy.
Crypto Community Shows Strong Support for Bitcoin Reserve Bill
On Wednesday, U.S. Senator and cryptocurrency advocate Cynthia Lummis officially introduced the BTC Strategy Reserve Bill, also known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024.
Lummis had previously hinted at this bill during the Bitcoin2024 conference in Nashville, Tennessee. The bill aims to strengthen the U.S. financial system by using Bitcoin as a hedge against inflation and supporting the U.S. dollar.
Specifically, the bill mandates the U.S. Treasury to acquire approximately 1 million BTC over five years, positioning Bitcoin as a strategic reserve asset to stabilize the dollar. Furthermore, it proposes the establishment of a decentralized network of secure BTC vaults, managed by the U.S. Department of Treasury, ensuring the highest levels of physical and cybersecurity for the nation's Bitcoin assets.
She stated:
Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. The BITCOIN Act establishes a strategic Bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet and ensure the transparent management of Bitcoin holdings of the federal government.
After the introduction of the proposed legislation, Dennis Porter, Co-founder of the Satoshi Action Fund, initiated a survey for the cryptocurrency community to voice their opinions to US Senators. He reported that, within a day of sharing the survey on X (formerly Twitter), more than 1,100 messages had been sent to lawmakers. This response suggests growing backing for recognizing Bitcoin as a strategic asset in the United States.
Based on data provided by the CEO, the Democratic Senators received around 649 letters, making up nearly 60% of the total responses, while the Republican Senators received over 442 letters. The intent of these messages is to persuade politicians to consider Bitcoin as a part of the national economic strategy.
Support from Major Institutions
The Bitcoin Act of 2024 has garnered significant support from key players in the cryptocurrency industry. For example, the Digital Chamber, a well-known blockchain advocacy organization, has submitted a letter to US Senators, urging them to support the bill. The organization believes that this legislation can contribute to a more prosperous economic future for the country. They stated, "This bill aligns with our national interests, promotes fiscal responsibility, and leverages technological advancements to ease economic challenges."