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Blockchain & Cryptocurrency
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US Senator Lummis Proposes Bitcoin Strategic Reserve Bill
2024-08-01 09:00:08
Politics
Finance

US Senator Lummis Proposes Bitcoin Strategic Reserve Bill

Senator Lummis introduces a bill to acquire 1 million Bitcoin for the US government, safeguarding self-custody rights. Concerns over fiat currency sustainability and the $35 trillion US debt may boost Bitcoin's appeal.

Former President Trump's Bitcoin transfer draws criticism, while experts predict global adoption and political significance. Bitwise's Matt Hougan notes increasing political interest in Bitcoin, despite recent price fluctuations.

Congressman Ro Khanna and Scott Melker discuss Bitcoin as a strategic reserve asset, endorsing its role in global transactions and human rights. The bill, titled the Bitcoin Act, follows moves by the US Marshals Service involving $2 billion worth of Bitcoin.

Related news on that topic:

Ro Khanna Advocates for Bitcoin as U.S. Strategic Asset

Congressman Ro Khanna and Scott Melker promote Bitcoin as a strategic reserve asset due to its global acceptance and human rights advantages. Stablecoins' influence on the U.S. economy and international transactions is underscored, with Khanna emphasizing their role in fortifying the dollar as a reserve currency. The evolving Democratic Party stance on Bitcoin and its potential under future leadership is explored. Rep. Khanna also champions Bitcoin's bipartisan potential while critiquing political exploitation by figures like Donald Trump. U.S. Senator Cynthia Lummis proposes a national 'Bitcoin Strategic Reserve,' prompting speculation on the government's 200,000 BTC holdings and acquisition plans amid the transition of administrations.

Bitcoin Conference 2024: Trump, RFK Jr., and the Growing ... of Bitcoin

The Bitcoin Conference in Nashville showcased the growing mainstream acceptance of bitcoin, with former President Trump and presidential candidate RFK Jr. headlining the event. Trump announced plans for a U.S. Strategic Bitcoin Reserve and fired up the crowd with promises to make the U.S. a 'crypto capital'. RFK Jr. proposed initiatives to integrate bitcoin into the national economy. The conference highlighted the increasing political influence of the crypto industry, with crypto PACs pouring millions into campaigns for pro-crypto candidates. The event also saw discussions on the impact of Trump's support on bitcoin's market value, with experts predicting new price highs as the election approaches. Overall, the conference demonstrated the excitement and confidence among bitcoiners and Trump supporters, who see themselves as preparing for a war and determined to win the culture war.

The press radar on this topic:

The Street
6. August 2024 um 21:45

Will Trump endorse bitcoin as strategic reserve asset?

Politics
Finance
Trump's Bitcoin Conference keynote sparks speculation of endorsing bitcoin as strategic reserve, leveraging U.S. holdings. Experts Tung, Melker predict global adoption, central bank shifts, and price surge. Rumors of SEC Chair resignation raise pro-crypto successor prospect, while potential Fink Treasury appointment could cement admin support. Melker notes bitcoin's growing political significance for 2024 election.
The Street
28. August 2024 um 17:33

Bitcoin’s New Role, Political Power Plays and 3000x Gains!

Politics
Finance
Senator Lummis to propose Bitcoin as Fed reserve; Kennedy supports Bitcoin, gold-backed Treasuries; Kamala Harris no longer attending Bitcoin Conference; Ethereum ETFs see inflows and outflows; Mt. Gox hack victims to receive 100x-3000x returns; Bitcoin Conference CEO says Harris' appearance could be strategic.
The Street
31. August 2024 um 23:05

Congressman Ro Khanna on using Bitcoin as a U.S. strategic reserve asset

Finance
Politics
Economy
Technology
Bitcoin's potential as a U.S. strategic reserve asset is discussed by Scott Melker and Rep. Ro Khanna. Trump and Khanna endorse holding bitcoin, citing its global adoption and human rights benefits. Stablecoins' impact on the U.S. economy, dollar support, and global transactions are emphasized. Khanna highlights stablecoins enabling international dollar transactions, bolstering the dollar's reserve currency status. Discussion also touches on Democratic Party's evolving stance on bitcoin and in..
Cointelegraph.com News
31. Juli 2024 um 21:46

Sen. Lummis introduces Bitcoin Strategic Reserve bill in Senate

Cryptocurrencies & blockchain
Politics
Finance
Technology
Senator Lummis' bill aims to have the US government acquire 1 million Bitcoin, 5% of the total supply, using Treasury funds and establish secure vaults. The bill protects self-custody rights. Former President Trump promised not to sell US Bitcoin, but 29,800 were later transferred, drawing criticism. The sustainability of fiat currencies and the US's $35 trillion debt are driving concerns that may bolster the case for Bitcoin, according to Turbofish CEO Matt Bell.
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