Trump’s Bitcoin Reserve Vision Receives Strong Support Across Parties

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Cryptodnes2024/11/07 23:11

By:Cryptodnes

Donald Trump's election as the 47th U.S. president has sparked renewed interest in creating a national Bitcoin reserve.

Trump plans to make Bitcoin a cornerstone of the country’s economic recovery, with the initiative set to begin after his inauguration on January 20.

Senator Cynthia Lummis has been a leading advocate for this initiative, introducing legislation for a strategic Bitcoin reserve on July 31. Lummis sees Bitcoin as essential to securing the U.S. economy’s future and reinforcing the country’s global financial leadership.

She and Trump both highlighted Bitcoin’s potential at the 2024 Bitcoin National Conference, and Lummis reaffirmed her commitment to the plan, declaring, “We are going to build a strategic Bitcoin reserve.”

Michael Saylor Supports U.S. Proposal for Strategic Bitcoin Reserve

The proposal aims to acquire one million BTC—about 5% of the total supply—by utilizing funds from the Federal Reserve and Treasury. It includes decentralized Bitcoin vaults managed by the Treasury, a Bitcoin purchase program, and protections for self-custody rights.

The initiative has gained bipartisan support, with Democratic Representative Ro Khanna also backing the plan, urging the Federal Reserve to accept Bitcoin as a reserve asset and pushing for the Democratic Party to adopt pro-crypto policies.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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