The post Bitcoin Strategic Reserve Bill Receives Huge Support; 2200 Letters Sent To Senators To Support The Bill appeared first on Coinpedia Fintech News

In the latest development, on July 31, Senator Cynthia Lummis officially introduced the Bitcoin Strategic Reserve bill which would direct the US government to start a reserve fund for the scarce decentralized asset.

2200 Letters Sent In 48 Hours!

Over 2,200 letters were sent to United States senators in 48 hours urging them to co-sponsor and support Senator Cynthia Lummis’s newly proposed Strategic Bitcoin Reserve bill. In an X post, Lummis expressed gratitude for the support given to the bill.

Dennis Porter, founder of the Satoshi Action Fund in an X post on August 3, stated that the Democratic Party senators received 1,333 letters, Republican Party senators received 850, and Independents received 41. This bipartisan outreach demonstrates that interest in Bitcoin and its potential strategic value crosses political and ideological lines.

The bill aims to establish a national reserve of Bitcoin and position the US as a leader in the adoption and secure management of the world’s first cryptocurrency.

This Is The Solution, Says Lummis

During the Bitcoin 2024 conference in Nashville on July 27, US Senator Cynthia Lummis proposed a groundbreaking bill for the U.S. government to purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.

She explained that it could be used to reduce the debt and stated, “this is the solution,” on stage after Donald Trump spoke and endorsed the idea of a bitcoin reserve.

She highlighted the urgency of establishing a strategic BTC reserve to boost the nation’s financial security. She underscored the nation’s unstable fiscal situation, noting that the U.S. is nearing $35 trillion in debt, with a debt-to-GDP ratio approaching 120%.

Impact Of Trump’s Presidency On Bitcoin

Senator Cynthia Lummis is optimistic about Donald Trump‘s approach, noting his pro-business stance and innovative mindset. She predicted that Trump would promote an environment conducive to innovation while ensuring consumer protection.

She has pointed to notable figures like Larry Fink of BlackRock and Michael Saylor of MicroStrategy, who have integrated Bitcoin into their business models. She stated, “The naysayers are finally realizing this is for real; this is a legitimate asset class.”