2,200 letters flood Senate seeking support Bitcoin proposal

Following pro-crypto Senator Cynthia Lummis’ call for a Bitcoin Strategic Reserve bill to be introduced in late July, US Senators received over 2,200 letters urging them to support the proposal.

The bill aims to create a “decentralized network of secure Bitcoin (BTC) vaults” managed by the U.S. Treasury Department and mandates lawmakers and government officials to implement rigorous cybersecurity protocols and physical security measures to protect Bitcoin assets from theft.

BIG BREAKING: In just 48 hours, over 2,200 letters were sent to US senators urging them to co-sponsor and support the ‘Strategic Bitcoin Reserve’ bill.

🔵Democrats received – 1,333 letters
🔴Republicans received – 850 letters
⚪️Independents received – 41 letters pic.twitter.com/JUHP6mC0bV

— Dennis Porter (@Dennis_Porter_) August 3, 2024

Democratic senators received more than 1,300 letters, while Republicans received 850, and Independent Party senators received 41 letters, according to Dennis Porter, CEO of the Satoshi Action Fund.

Senator Lummis quoted Porter’s article and thanked those who sent letters.

BITCOIN Bill to Senate

Lummis, a Republican representing Wyoming, formally introduced the Boosting Innovation, Technology, and Competitiveness through Nationwide Optimized Investment (BITCOIN) Act into the U.S. Senate on July 31.

The BITKON Act sets a very ambitious goal for the U.S. Treasury Department to purchase 1 million Bitcoins, equivalent to about 5% of the cryptocurrency’s total supply.

To achieve this, Lummis proposes using existing U.S. Treasury funds to purchase Bitcoin in amounts that are compatible with the Treasury’s existing gold holdings.

Back in July, during the introduction of the proposal, Senator Lummis’ camp released an explanation of why the bill could become a necessity, saying that creating a strategic Bitcoin reserve would help future generations cope with rising inflation rates.

Bitcoin is transforming not only our country but the world, and being the first developed country to use Bitcoin as a savings technology solidifies our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier.

Wyoming Senator Cynthia Lummis

According to the Financial Times, inflation rates in the US increased by more than 3 percent in the first quarter of fiscal 2024.

Since then, inflation in the US has fallen and the possibility of the US Federal Reserve (Fed) cutting interest rates has begun to be discussed.

As inflation falls, investors are reconsidering their portfolios and cryptocurrency is becoming a major topic of discussion ahead of the 2024 presidential election.

Both Republican and Independent presidential candidates Donald Trump and Robert F. Kennedy Jr. appear to support the creation of a Bitcoin reserve.

Vice President Kamala Harris, the presumptive Democratic nominee, has also received support from leaders in the cryptocurrency industry, a demographic that has been a challenge for President Joe Biden.