Bitcoin bill gains support, thousands push US senators to back it

Following the statements of former President Donald Trump and Wyoming Senator Cynthia Lummis, US citizens support the bill that would establish a Strategic Bitcoin Reserve.

According to Bitcoin (BTC) advocate Dennis Porter, nearly 3,000 US voters have requested support from the Senate for a “Strategic Bitcoin Reserve” bill.

Porter emphasized that Democratic Senators received the lion’s share of letters from Americans, numbering approximately 1,746. The co-sponsorship petitions are likely in response to and support for Senator Lummis’ crypto legislation.

BREAKING: 60% of the nearly 3,000 letters sent to the US Senate requesting co-sponsorship of the ‘Strategic Bitcoin Reserve’ bill have reached Democrats. picture.twitter.com/TLKO4EWWU9

— Dennis Porter (@Dennis_Porter_) August 5, 2024

Lummis announced the ”Enhancing Innovative Technology and Competitiveness through Nationwide Optimized Investment Act of 2024,” or BITKON Act, according to Crypto.news. Lummis first announced the proposal at Bitcoin 2024 in Nashville, where the Wyoming Senator spoke on the same stage as Donald Trump.

Echoing Trump’s suggestion that America hold onto its BTC stockpile, Lummis also proposed purchasing 200,000 BTC per year. The senator’s bill sets a total of 1 million tokens to ensure the US continues to be a global crypto leader.

If Lummis and Trump get their way, America will solidify its position as the largest geopolitical BTC holder. The US currently has a treasury of over 200,000 BTC worth over $11 billion. In fact, America controls about 3% of all BTC in circulation. Much of the wealth has come from crackdowns on Silk Road and other darknet marketplaces.

The creation of a strategic BTC reserve is still subject to Congressional approval and the outcome of the presidential elections in November this year.

Although there are speculations that the current administration did not approve of the idea. Shortly after Trump’s Nashville speech, the US government transferred $2 billion worth of BTC to an unknown wallet.