“US Senator Cynthia Lummis brought the “Bitcoin Act of 2024” to Congress, which provides for the creation of a strategic reserve of the country’s first cryptocurrency. “[Пропонується] create a strategic bitcoin reserve and other programs to ensure transparent management of the federal government’s bitcoin assets, offset costs through the use of certain Federal Reserve System (Fed) resources, and other purposes,” the document reads. According to the initiative, the purpose of creating the reserve is “generation, storage and management […]”, — write: businessua.com.ua
US Senator Cynthia Lummis brought the “Bitcoin Act of 2024” to Congress, which provides for the creation of a strategic reserve of the country’s first cryptocurrency.
“[Пропонується] create a strategic bitcoin reserve and other programs to ensure transparent management of the federal government’s bitcoin assets, offset costs through the use of certain Federal Reserve System (Fed) resources, and other purposes,” the document reads.
According to the initiative, the purpose of the reserve is to “generate, store, and manage private keys associated with government bitcoin assets.”
The bill provides for the purchase of 1 million BTC (no more than 200,000 BTC per year for five years). The Fed’s gold reserves are used for these purposes.
The term of storage of digital assets will be at least 20 years, but the document provides for exceptions. The so-called “secretary” will be responsible for the preservation and monitoring of cryptocurrency. He is also obliged to create a reserve proof system.
“The secretary must ensure the geographical distribution of objects [резерву] throughout the United States to minimize the risk of simultaneous compromise and increase resilience,” the bill says.
In addition, after the minimum holding period, the Secretary must not recommend the sale of more than 10% of the reserve’s assets within a two-year period.
The bill also introduces several terms, including “airdrop,” “bitcoin purchase program,” “cold storage,” and “fork.” Almost all of them correspond to established formulations. However, where the broader word “cryptocurrency” is needed, simply “Bitcoin” is used.
For example, airdrop means “the free distribution of digital assets among Bitcoin holders in a large, fair and non-discretionary manner.”
Previously, the head of Galaxy Digital, Mike Novogratz, predicted a digital gold rate of $500,000 in the event of the creation of a strategic reserve in the United States. However, he is afraid that his appearance will be hindered by the struggle between the branches of power.
It will be recalled that the founder of MicroStrategy, Michael Saylor, called the bitcoin reserve “the best deal of the 21st century.”
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