Based on recent presidential election results and statements from important figures, it looks like the possibility of establishing a strategic Bitcoin reserve in the US has gained significant momentum.
Donal Trump has won the 2024 US presidential election and is returning to the White House for the second term. During Trump's election campaign, he expressed support for Bitcoin and crypto, indicating a shift in his stance compared to his previous term.
A strong supporter of Bitcoin, Senator Cynthia Lummis, has expressed optimism about passing the Strategic Bitcoin Reserve bill within the first 100 days of Trump's presidency.
The proposed legislation, known as the Bitcoin Act of 2024, aims to:
- Safely store Bitcoin reserves, and create a network of decentralized storage facilities around the United States.
- Direct the U.S. Treasury to buy 200,000 bitcoins a year for five years, for a total of one million bitcoins.
- Demand that the government maintain these reserves for at least 20 years.
- Put in place a proof of reserves system to confirm holdings.
CEO of BTC Inc., David Bailey, and an advisor to Donald Trump on policies related to crypto has highlighted the importance of establishing the Strategic Bitcoin Reserve.
The proposal has created a significant buzz in the crypto community and mainstream media.
The expectation surrounding the Strategic Bitcoin Reserve has already had a significant impact on the crypto market. The price of Bitcoin soared to an unprecedented high of $89,940 (on Binance) following the election victory by Donald Trump and the total market cap of the crypto market grew by 25% in a week exceeding $3 trillion.
While there is notable momentum behind the Strategic Bitcoin Reserve proposal, it is important to note that the bill would still require to pass through the legislative process, including Senate and House approvals.
The bill has gained considerable support and attention following Trump's win, but its passage within the first 100 days of Trump's presidency remains to be seen. The coming months will be important in determining whether this ambitious plan becomes a reality.
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