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Learning & News => News related to Crypto => Topic started by: TomPluz on August 01, 2024, 05:53:43 AM

Title: Lummis Introduces Bitcoin Reserve Bill
Post by: TomPluz on August 01, 2024, 05:53:43 AM
(https://img.decrypt.co/insecure/rs:fit:1920:0:0:0/plain/https://cdn.decrypt.co/wp-content/uploads/2024/07/bitcoin-american-flag-u.s.-united-states-gID_7.jpg@webp)


Quote
The newly introduced Bitcoin bill faces an uphill battle in a deeply divided Congress and Presidential race. Sen. Cynthia Lummis, R-Wyo formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve as political interest for the industry comes into focus.

Dubbed the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024, the bill aims to strengthen "the position of the U.S. dollar in the global financial system," per the text of the bill. The legislation was first announced by Lummis during the annual Bitcoin conference in Nashville, Tenn., on Saturday.

You can read more of this development here. (https://decrypt.co/242690/bitcoin-reserve-bill-officially-introduced-will-it-go-anywhere)


First and foremost, it is clear that for now there is no path for this proposed BITCOIN Act to see the light of the day but this is just telling us that maybe there is a strong possibility of this seed to sprout at the right time when both the Senate and the House can come under the control of the Republican Party and if Donald Trump will once again be coming to the White House. Without those elements coming true on the scene, this can be just one of the so many proposals in the archives of the legislative department. Good to note that Robert F. Kennedy (https://coinpaprika.com/news/robert-f-kennedy-jr-proposes-615-billion-bitcoin-investment/), an independent presidentail candidate, proposed a similar idea.

Now, if you are one of the Senators of the  USA Senate, would you approve of this bill or would you defer it for now since it is not yet the moment to make Bitcoin as part of the country's reserve?




Title: Re: Lummis Introduces Bitcoin Reserve Bill
Post by: NotATether on August 01, 2024, 08:17:22 AM
Cynthia Lummis is an orange-pilled senator but sadly I don't think this bill is going to see the light of the day because it will be vetoed by basically everyone else.

Also this kind of bill will anger the Federal Reserve whose members I guess will do all sorts of lobbying to any rep who will listen to them to such down such a bill.
Title: Re: Lummis Introduces Bitcoin Reserve Bill
Post by: hugeblack on August 01, 2024, 11:05:05 AM
Why does the US need a Bitcoin reserve, they can print as much dollars as they want and buy everything or attack Bitcoin and impose sanctions on miners and make the price of Bitcoin less than 10 thousand dollars. The US Federal Reserve did not care about any country when it decided to raise interest rates so they do not need gold and Bitcoin.
Title: Re: Lummis Introduces Bitcoin Reserve Bill
Post by: ABCbits on August 01, 2024, 11:24:55 AM
Since we know this bill wouldn't be passed anytime soon, it's hard not to imagine this bill is created mainly to gain more votes.

Quote from: hugeblack on August 01, 2024, 11:05:05 AM
Why does the US need a Bitcoin reserve, they can print as much dollars as they want and buy everything or attack Bitcoin and impose sanctions on miners and make the price of Bitcoin less than 10 thousand dollars. The US Federal Reserve did not care about any country when it decided to raise interest rates so they do not need gold and Bitcoin.

Buy everything? It reminds of Hunt Brothers who tried to manipulate silver market by buying tons of silver.
Title: Re: Lummis Introduces Bitcoin Reserve Bill
Post by: Lucius on August 01, 2024, 03:39:04 PM
Quote from: ABCbits on August 01, 2024, 11:24:55 AM
Since we know this bill wouldn't be passed anytime soon, it's hard not to imagine this bill is created mainly to gain more votes.
~snip~

Given the (currently) very even result in all polls, it seems that by the end of the election campaign we will have many more promises and proposals to the crypto community. When we look at it from another angle, it seems quite strange that the results of the election could be decided by members of the crypto community - and I think that this community could "profit" a lot more in the way that if it already has a decisive vote, it gets a lot more in terms of concrete things, and not only promises.
Title: Re: Lummis Introduces Bitcoin Reserve Bill
Post by: Faisal2202 on August 01, 2024, 07:58:19 PM
Quote from: TomPluz on August 01, 2024, 05:53:43 AM
First and foremost, it is clear that for now there is no path for this proposed BITCOIN Act to see the light of the day but this is just telling us that maybe there is a strong possibility of this seed to sprout at the right time when both the Senate and the House can come under the control of the Republican Party and if Donald Trump will once again be coming to the White House. Without those elements coming true on the scene, this can be just one of the so many proposals in the archives of the legislative department. Good to note that Robert F. Kennedy (https://coinpaprika.com/news/robert-f-kennedy-jr-proposes-615-billion-bitcoin-investment/), an independent presidentail candidate, proposed a similar idea.

Now, if you are one of the Senators of the  USA Senate, would you approve of this bill or would you defer it for now since it is not yet the moment to make Bitcoin as part of the country's reserve?
So basically this bill will force the government to keep a reserve of Bitcoin and there will be full transparency of how that reserve is being used. Does it mean the BTC seized by the US from many platforms will also become a part of this reserve or they will buy BTC periodically to keep their reserve active?

And how this reserve can help the US dollar, besides the fact that due to diversification of reserves, the economy of the US will improve, and if some of the reserves are in the form of BTC then the economy will improve when the price increases and vice versa. Besides his way how can US dollar improve by this bill?
Title: Re: Lummis Introduces Bitcoin Reserve Bill
Post by: yhiaali3 on August 01, 2024, 09:44:39 PM
It is difficult for the bill to pass at the moment with the Biden administration, they will have to wait until Trump takes over and then it will most likely pass easily because this is what Trump said among many things he said including that he will not allow the sale of seized Bitcoin and that he wants to create a strategic reserve of Bitcoin.

It seems that there are many senators in Congress who share Trump’s views on Bitcoin and cryptocurrencies, so I expect to see a lot of changes if Trump wins, especially since he stated that he wants the United States to be the “Bitcoin superpower in the world,” a statement that has many implications.
Title: Re: Lummis Introduces Bitcoin Reserve Bill
Post by: target on August 01, 2024, 10:00:18 PM
Quote from: hugeblack on August 01, 2024, 11:05:05 AM
Why does the US need a Bitcoin reserve, they can print as much dollars as they want and buy everything or attack Bitcoin and impose sanctions on miners and make the price of Bitcoin less than 10 thousand dollars. The US Federal Reserve did not care about any country when it decided to raise interest rates so they do not need gold and Bitcoin.

I read it somewhere in a crypto site that US needed this so that USD will still stay competitive and can still be the top currency while also paid its debts.

Printing USD all the way to its end will not last so having BT as reserves will be a good strategy. However a lot of countries can also declare the same. Or they could use some other crypto. Id like to think governments will consider several tokens as reserves.