U.S. government introduces 'Bitcoin Act of 2024” for a Strategic Bitcoin Reserve.

U.S. government plans annual acquisition of 200,000 Bitcoins for five years. The bill seeks to stabilize the market and secure Bitcoin as a national asset.

United States Senator Cynthia Lummis from Wyoming has introduced a new bill into the U.S. Congress, which could see the government begin acquiring Bitcoin.

The bill, known as the “Bitcoin Act of 2024,” is outlined as Bill S.4912, and it details a plan for the U.S. government to strategically purchase and hold Bitcoin, while also aiming to stabilize the market and secure the leading cryptocurrency as a national asset.

Breaking: @SenLummis S4912 bill "#Bitcoin Act of 2024" introduced into the US Congress for vote!!!!!"(A) purchase not more than 200,000 Bitcoins per year over a 5-year period, for a total acquisition of 1,000,000 Bitcoins;(B) conduct purchases in a transparent and strategic… pic.twitter.com/pbA2l1rsG3

According to the bill, the U.S. government will be able to purchase up to 200,000 Bitcoins per year over a span of five years. This will bring the total Bitcoin acquired by the government to around 1,000,000 BTC.

The bill also outlines how the government will be making these Bitcoin purchases. According to the bill, the U.S. government will be required to conduct these purchases in a transparent manner, while also ensuring that the acquisitions do not disrupt the Bitcoin market.

Once acquired, the bill also states that the U.S. government will then be tasked with safely keeping the acquired Bitcoin in a manner that ensures it is being held as a national asset, and in trust for the United States of America.

The bill also highlights how Bitcoin is viewed as a valuable asset due to its resilience, widespread adoption, and potential to serve as a store of value.

Furthermore, Senator Lummis also emphasizes Bitcoin’s role in enhancing national security and providing a hedge against economic instability, which is something that gold is also used for.

This bill is now set to be debated in the U.S. Congress, and if passed, it could mark a significant shift in how governments view and utilize digital currencies.

The above is the detailed content of U.S. government introduces 'Bitcoin Act of 2024” for a Strategic Bitcoin Reserve.. For more information, please follow other related articles on the PHP Chinese website!