The Bitcoin reserve bill has been put to a vote in the US Congress

US Senator Cynthia Lammis carried out Congress is voting on the “Bitcoin Act of 2024”, which means the creation of a strategic reserve of the country’s first digital currency.

«[Предлагается] Establish a Strategic Bitcoin Reserve and other programs to provide transparent management of the federal government‘s Bitcoin assets, offset costs through the use of certain Federal Reserve resources, and for other purposes,” the document says.

According to the campaign, the purpose of creating the reserve is to “generate, store and manage private keys associated with government-owned Bitcoin assets.”

The bill includes the purchase of 1 million BTC (not to exceed 200,000 BTC per year for five years). The Féed’s gold reserves are used for these purposes.

The storage period for digital assets will be at least 20 years, but the document provides for exceptions. Responsibility for cryptocurrency safety and monitoring will be assigned to the so-called “secretary”. It is also an obligation to create a verification system of reserves.

“The Secretary will ensure that resources are distributed geographically [резерва] across the United States to simultaneously reduce the risk of compromise and increase stability,” the bill says.

In addition, after the minimum holding period, the Secretary may not recommend that more than 10% of the reserve’s assets be sold within a two-year period.

The bill also includes several terms, including “airdrop“, “Bitcoin purchase program”, “cold storage” and “fork” Almost all of them correspond to established forms. However, in places where the word “cryptocurrency” must be used more, just “bitcoin” is used.

For example, airdrop means “the free distribution of digital assets to Bitcoin holders in a large, fair and non-selective manner.”

Previously, Galaxy Digital CEO Mike Novogratz predict digital gold level at $500,000 in case a strategic reserve is created in the US. However, he fears that the struggle between the branches of government will hinder his emergence.

Remember that Michael Saylor is the founder of MicroStrategy name Bitcoin Reserve is “the best deal of the 21st century.”

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