The United States Senate has received over 2,200 letters requesting support for the proposal to purchase Bitcoin as a national strategic reserve asset.
A group of citizens has sent over 2,200 letters to United States senators, requesting support for the proposed legislation called the Strategic Bitcoin Reserve. The initiative was proposed by Senator Cynthia Lummis, which envisions the establishment of a set of secure Bitcoin wallets managed by the United States Treasury. The bill includes the purchase of 1 million bitcoin with Treasury funds, equivalent to about 5% of the total supply of bitcoin.
The letters were sent to senators from both parties, with over 1,300 letters sent to Democratic senators, 850 to Republicans, and 41 to independent members.
Arguments in favor of the law
Supporters of the proposal believe that a bitcoin reserve could help reduce the national debt, combat inflation, and strengthen the national economy, positioning the United States as a leader in the digital asset sector.
Senator Lummis considers this initiative essential to protect future generations from economic instability and to strengthen the American dollar. She has also stated that maintaining a bitcoin reserve could serve the same function as gold.
Structure and objectives of the law
The bill aims to create a framework for the United States to securely hold bitcoin, outlining how the government will interact with digital assets. The establishment of secure wallets would address concerns related to the security and volatility of bitcoin.
The bill has been assigned to the Senate Committee on Banking, Housing, and Urban Affairs. The committee will conduct a thorough review of the law, consulting various experts. If the committee approves the bill, it will return to the full Senate for debate and possible amendments before voting. If approved by the Senate, the bill will move to the United States House of Representatives and, if passed, will be sent to the President.
Bitcoin against US debt: Pierre Rochard’s proposal
Through a post on X, Pierre Rochard, Vice President of Research at Riot Platform, proposed a solution to pay off the United States national debt using Bitcoin. The current US debt is about 35 trillion dollars.
Rochard outlined a strategy consisting of three phases:
- buy Bitcoin;
- hold it for 20 years;
- use it to pay off the national debt.
The proposal has elicited various reactions in the Bitcoin community, with strong support from some members and skepticism from others about its feasibility. Recently, in an interview with Fox Business, former president Donald Trump suggested using Bitcoin to mitigate the national debt, stating:
