Senators Seek Bill for U.S. Bitcoin Reserve of One Million Coins

A bipartisan effort in the U.S. Senate led by Senator Cynthia Lummis aims to establish a Strategic Bitcoin Reserve, proposing the purchase of one million Bitcoins over two decades to strengthen the U.S. economy and manage national debt. This initiative follows a recent executive order by former President Donald Trump that called for the consolidation of the federal government’s existing cryptocurrency assets. Supporters like Senator Tommy Tuberville highlight the potential of Bitcoin to revolutionize investments and the economy, while experts speculate that such a reserve could increase institutional adoption and stabilize the cryptocurrency market. However, there are concerns about market manipulation and centralization as the government would hold significant influence over Bitcoin prices. Meanwhile, the legislation reflects a shift in U.S. monetary policy towards recognizing the legitimacy of digital assets, potentially positioning Bitcoin as a 'sovereignty asset' akin to gold. Through this strategic move, the U.S. aims to adapt to the evolving landscape of digital finance, fostering a new economic paradigm.