The US Could Accumulate 1 Million Bitcoins with the Updated Bitcoin Act
Date: 2025-03-12 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Senator Cynthia Lummis introduced a new version of the Bitcoin Act, aimed at creating a national crypto reserve that could store more than 1 million BTC.
According to the draft, the government would purchase 200,000 BTC annually for five years, using reallocated funds from the Federal Reserve System (FRS) and the Treasury Department. As a result of these purchases, the government would accumulate a significant stockpile of cryptocurrency.
The updated bill allows for replenishment of the crypto reserve not only through purchases, but also through confiscation, voluntary donations, and transfers from other government agencies. In addition, individual states will be able to transfer their bitcoin assets to a common strategic fund, where they will be stored in a special account.
Key aspects of the Bitcoin Act:
- Create a network of secure bitcoin storage facilities under the control of the Treasury Department, ensuring a high level of physical and cybersecurity.
- Purchase of 1 million BTC within a set period, which will allow the government to own 5% of the entire cryptocurrency emission, similar to the US gold reserves.
- Funding for the program through the redistribution of funds from the Federal Reserve and the Treasury Department without additional tax charges.
- Confirmation of the right of private bitcoin owners to independently store digital assets without restrictions.
The law also updates the rules for handling assets obtained as a result of bitcoin forks. After a mandatory storage period in reserve, the Treasury Department will be able to choose the most valuable version of the asset based on market capitalization.
Speaking at the Bitcoin Policy Institute conference, Lummis emphasized that the adoption of the Bitcoin Act will strengthen the US position in the financial sector, as well as help to more effectively manage the national debt.
The first version of the Bitcoin Act was introduced by Lummis in July 2024 and called for the creation of a national Bitcoin reserve.
