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Senator Cynthia Lummis's ‘Bitcoin Strategic Reserve’ bill garnered over 2,200 letters of support sent to US senators within 48 hours.
Within 48 hours, more than 2,200 letters were written to senators in the US requesting their support and co-sponsorship of Senator Cynthia Lummis's recently introduced Strategic Bitcoin Reserve bill.
Lummis thanked those who had voted in favor of the Strategic Bitcoin Reserve measure in an X post:
Cross-Party Outreach to Support Bitcoin
According to an Aug. 3 X post by Satoshi Action Fund founder Dennis Porter, 1,333 letters were sent to senators from the Democratic Party, 850 to those from the Republican Party, and 41 to those from the Independent Party. This cross-party outreach shows that people from all walks of life are interested in Bitcoin and its possible strategic usefulness.
The Bitcoin Strategic Reserve bill was introduced on July 31 by Lummis, a well-known supporter of the cryptocurrency industry.
Goal to Make US Leader in Bitcoin
The bill's stated goal is to make the United States the world leader in Bitcoin adoption and safekeeping by creating a national reserve of the cryptocurrency.
Cointelegraph shares that a decentralized network of safe Bitcoin vaults overseen by the US Treasury with stringent physical and cyber security measures would be established under the proposed law.
Aiming to amass 1 million Bitcoin—or about 5% of the overall supply—is one of Lummis's lofty objectives in his proposal. The measure proposes to mimic the US Treasury's gold allocation by purchasing Bitcoin using existing US Treasury monies.
As an alternative to more conventional financial tools, this plan seeks to increase the nation's reserves via a limited, decentralized asset.
With the US essentially expressing its acknowledgement of Bitcoin's worth, the creation of a Strategic Bitcoin Reserve might have far-reaching consequences for the US and the worldwide cryptocurrency market.
Potential Global Impact on Bitcoin Demand
The global demand for Bitcoin could skyrocket if this action encourages other countries to think about doing the same.
Both Republican candidates, Donald Trump and Independent Robert F. Kennedy Jr., have promised to create a US Bitcoin reserve if they are elected president.
