Lawmakers are diving headfirst into cryptocurrency waters with a plan that’s anything but cautious. Senator Cynthia Lummis has reintroduced the Bitcoin Act in the Senate, with Representative Nick Begich launching a companion bill in the House. The goal? Snatch up a cool million Bitcoin over five years. Not kidding.
The legislation has some serious backing. Five Republican Senators are already on board, plus six original cosponsors in the House. Even the Bitcoin Policy Institute is cheering from the sidelines. Bipartisan support is growing. Shocking, right? Politicians actually agreeing on something.
Let’s talk numbers. We’re looking at roughly $80 billion to acquire 200,000 BTC annually for five years at current prices. The funding supposedly comes from Federal Reserve earnings and gold certificate revaluations. Budget-neutral, they claim. Sure thing.
Throwing $80 billion at Bitcoin while calling it “budget-neutral” is peak government magical thinking.
The plan includes creating a network of secure storage facilities. Can’t just keep a billion dollars of internet money on a laptop, after all. The legislation mandates independent audits of these secure Bitcoin vaults to ensure transparency and maintain public trust.
And get this—once acquired, the Bitcoin can’t be touched for at least 20 years. Talk about diamond hands.
Supporters claim this could offset $21 trillion of national debt by 2049. That’s a lot of zeros. They’re betting big that this positions America at the forefront of the digital economy while strengthening economic sovereignty. Meanwhile, traditional finance folks are clutching their pearls.
Critics point to Bitcoin’s notorious volatility. What happens if it crashes? Others question the wisdom of national borrowing to fund speculative investments. Valid concerns.
This isn’t happening in a vacuum. China and Russia are pushing their own digital currency agendas. The US wants to be first—or at least not last.
The bill still needs committee approval and full votes in both chambers. Trump’s executive order on digital assets suggests the White House might be supportive.
Timeline? Unknown, but momentum is building.
Bitcoin as national reserve asset. America’s bold gamble. It’s actually happening. Maybe.
Some critics have compared this initiative to central bank digital currencies, raising concerns about potential surveillance capabilities similar to those associated with China’s digital yuan.
The proposed acquisition would rival the estimated Bitcoin holdings of Satoshi Nakamoto, who is believed to possess between 750,000 and 1.1 million BTC.
