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Breaking News
The United States announces the "BTC Act" to establish strategic reserve assets.
After announcing a historic proposal to enhance the value of the US dollar and pay off national debt by establishing a strategic BTC reserve, US Senator Cynthia Lummis (Republican, Wyoming) formally introduced the "Bitcoin Opt-In Act" in the Senate on July 31 to promote innovation, technology, and competitiveness through nationwide optimization of investments.
The 'BTC Act' aims to strengthen the US balance sheet by establishing a strategic BTC reserve. This reserve will serve as an additional store of value to ensure transparent management of the federal government's BTC holdings. The bill outlines several key provisions:
The bill proposes to establish a Decentralization secure BTC insurance repository network operated by the US Department of the Treasury. These repositories will comply with statutory requirements to ensure the highest physical and network security levels for national BTC assets.
One important aspect of the bill is the implementation of the BTC purchase plan. The plan will purchase up to 1,000,000 BTC within a certain period, accounting for about 5% of the total BTC supply. This move reflects the scale and scope of the U.S. gold reserves.