- Senator Lummis’s “strategic Bitcoin reserve” bill has garnered massive support.
- Thousands of letters were sent to senators, urging them to back the bill.
- Presidential hopeful Donald Trump supports the bill.
Thousands of Americans have written to members of the Senate across the political divide, urging them to back Senator Cynthia Lummis’s newly floated “strategic Bitcoin reserve” bill.
Senator Lummis announced the bill on July 27 at the Bitcoin 2024 conference, championing it as a strategy to counter the effects of dollar debasement and make America “debt-free.” Lummis formally proposed the bill to the Senate on July 31.
U.S. Senators Urged to Support Bitcoin Bill
According to an August 3 X post by the Satoshi Action Fund founder, Dennis Porter, Americans have sent over 2,200 letters to their senators requesting them to co-sponsor and throw weight behind the new Bitcoin bill.
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This included 1,333 letters sent to Democrats, 850 to Republicans, and 41 to Independents.
Moments after the post was shared, Senator Lummis took to X to thank everyone who had sent a letter in support of the Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act.
At the bill’s core lies a bold plan to implement a 1-million-unit Bitcoin acquisition program over time to amass about 5% of the total BTC supply. This would mirror the size and scope of gold reserves held by the U.S.
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The bill also seeks to affirm the self-custody rights of private BTC holders and stress that the strategic Bitcoin reserve shall not contravene individual financial freedoms. Politicians who have so far backed the bill publicly include presidential hopeful Donald Trump.
Stay updated on Donald Trump’s Bitcoin strategy:
Donald Trump’s Bitcoin Plan Includes a Scaleback in Crypto Enforcement
Read about Bitcoin’s long liquidations in the first two days of August:
Bitcoin Sees $280M in Long Liquidations Just Two Days into August
