In July 2024, during the Bitcoin 2024 conference in Nashville, Tennessee, U.S. Senator Cynthia Lummis announced a proposal to establish a strategic Bitcoin reserve for the United States. This initiative aims to bolster the U.S. dollar and strengthen the nation’s financial position. The proposal was officially introduced as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 on July 31, 2024.

The BITCOIN Act proposes that the U.S. Treasury acquire up to 1 million Bitcoins over a five-year period, representing approximately 5% of Bitcoin’s total supply. The goal is to create a strategic reserve to hedge against inflation and reinforce the U.S. dollar’s status as the world’s reserve currency. The bill also emphasizes the importance of secure storage and management of these assets.

While the full text of Senator Lummis’s speech at the Bitcoin 2024 conference is not readily available, her office has released detailed information about the proposed legislation and its objectives. For more insights into her views and the specifics of the proposal, you can refer to the official press release linked above.