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The Block announced that Michael Saylor and Fred Thiel will participate in a Washington, D.C., roundtable hosted by Senator Cynthia Lummis and Representative Nick Begich. The event aims to promote the BITCOIN Act, which proposes creating a U.S. reserve of one million bitcoins.
The concept of a strategic bitcoin reserve reflects increasing interest from governments in digital assets as part of their financial strategies. According to CoinDesk, El Salvador made history in 2021 by becoming the first nation to adopt bitcoin as legal tender and has since accumulated reserves as a hedge against inflation. Advocates of the BITCOIN Act argue that the U.S. should follow similar steps to maintain its financial leadership and prevent falling behind in global crypto adoption.
The BITCOIN Act includes provisions for the U.S. government to acquire one million bitcoins over five years through "budget-neutral strategies." As reported by The Block, these strategies may include directing forfeited or seized bitcoin into a permanent federal reserve, expanding on an executive order signed by former President Donald Trump that restricted the sale of seized crypto assets. Supporters contend this method avoids additional taxpayer burden while securing a long-term bitcoin position for the nation.
