- Senator Cynthia Lummis introduces the Bitcoin Act, proposing the U.S. acquire 1 million BTC over five years, solidifying its position as the largest Bitcoin holder globally
- The U.S. currently holds 207,189 BTC, with plans to expand its Bitcoin reserve to 5.73% of the total supply, surpassing all other nations’ publicly-disclosed holdings combined
- The $80 billion Bitcoin acquisition plan aims to establish the U.S. as a dominant force in the cryptocurrency market, shaping the future of decentralized finance
Senator Cynthia Lummis (R-WY) introduced a new bill in the United States Senate today, promising to enhance the American Government’s Bitcoin purchasing power.Â
The announcement comes no more than a week after Donald Trump signed an executive order allowing the United States Treasury to allocate its nearly $18 billion in Bitcoin into a ‘Strategic Bitcoin Reserve’.
On the day of the announcement, President Trump did not disclose how or when America would plan to add BTC to the funds. The digital asset reserve’s current funds originate from cryptocurrencies confiscated in criminal cases.
At the time, the topic became a troubling note as some perceived that there was a chance that the overly-hyped Bitcoin reserve would be just a fund to store the government’s Bitcoin, with no particular plan to expand it into a de-facto strategic reserve.
Lummis Plans For America To Acquire 1,000,000 BTC
Fears of a Bitcoin reserve debacle were put at ease on March 11, when Senator Lummis introduced the new ‘Bitcoin Act’ to the U.S. Senate. The bill which aims to acquire a significant amount of BTC over the next years was co-sponsored by five other Republican Senators: Jim Justice (R-WV), Tommy Tuberville (R-AL), Roger Marshall (R-KS), Marsha Blackburn (R-TN), and Bernie Moreno (R-OH).
The Bitcoin Act will propose the U.S. Government acquire 1 million BTC over the next 5 years. Moreover, this bill outlines a progressive Bitcoin acquisition plan, aiming to purchase 200,000 BTC annually.
The sum of 1 million BTC — worth around $80,000,000,000 in today’s BTC-USD conversion rate — would cement the United States as the largest Bitcoin holder in the world. Currently, America is the world’s largest holder, owning 207,189 BTC. China is a relatively close second, holding 194,000 BTC.
If Senator Lummis’ bill comes to fruition, the United States would hold more Bitcoin than the combined publicly-disclosed BTC reserves of all other nations.
Perhaps even more impressive, if the U.S. comes to own $1.2 million BTC, the nation would own 5.73% of the total Bitcoin supply to ever exist, cementing America as a major player in the global cryptocurrency landscape, solidifying its influence over the digital asset market and positioning it as a dominant force in shaping the future.
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