Bitcoin

At the Bitcoin 2024 Conference in Nashville, Senator Cynthia Lummis of Wyoming officially introduced a proposed bill to establish a strategic Bitcoin reserve fund. Here are the key points of the proposed legislation:

Centralized Network for Bitcoin Storage: The U.S. Department of the Treasury will operate a centralized network for storing Bitcoin.

Annual Purchase Program: The program aims to purchase 200,000 BTC annually over a 5-year period, accumulating approximately 5% of the total Bitcoin supply (around 1 million BTC). These holdings will be HODLed for at least 20 years.

Funding from Existing Reserves: The Federal Reserve and the Treasury will use existing funds to finance the BTC purchase program.

Quarterly Audited Reports: Third-party auditors will provide quarterly reports on the total Bitcoin assets held.

Individual Ownership Protection: The legislation confirms the protection of individual ownership rights and self-management of BTC