During the Bitcoin 2024 conference in Nashville, U.S. Senator Cynthia Lummis introduced the 'Bitcoin Act,' which she referred to as 'our Louisiana Purchase moment.'

This legislation proposes the establishment of a Strategic Bitcoin Reserve aimed at managing federal Bitcoin holdings transparently.

The proposed reserve seeks to diversify U.S. national assets and enhance financial resilience, positioning the country as a leader in global financial innovation.

The bill mandates the U.S. government to purchase 5% of the world's Bitcoin supply and securely store it for a minimum of 20 years.

Over a five-year period, the legislation aims to acquire 1 million BTC, valued at approximately $64 billion, to bolster government holdings.

Lummis emphasized the necessity of this reserve to combat rising inflation and the national debt, aiming for a brighter financial future.

Formally titled the 'Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024,' the Act reflects Lummis's advocacy for cryptocurrencies.

Lummis, the first U.S. senator to own Bitcoin, believes that Bitcoin serves as a strong store of value compared to the U.S. dollar.

Support for the bill has been expressed by notable figures, including Donald Trump and Robert F. Kennedy Jr., who have shown interest in cryptocurrency policies.

The proposed reserve would be managed by the U.S. Treasury and include stringent cybersecurity measures to protect Bitcoin holdings.

Additionally, the legislation affirms that the government cannot seize lawfully acquired Bitcoin from individuals, safeguarding their rights to buy, hold, and transfer BTC.