As a seasoned researcher with a keen interest in both politics and finance, I find myself intrigued by this recent surge of bipartisan support for Bitcoin as a strategic reserve for the US. Having closely followed the evolution of digital currencies since their inception, I am reminded of the early days of the internet – a time when skeptics dismissed its potential impact on our daily lives. Today, we cannot imagine life without it.
Based on a recent Forbes article, there’s growing support among U.S. politicians from different political viewpoints for a plan to establish a strategic Bitcoin (BTC) reserve for the United States. This push comes after Senator Cynthia Lummis spoke about Bitcoin at the 2024 Bitcoin Conference held in Nashville.
The pro-crypto Senator unveiled the new legislation to use existing federal funds to purchase one million BTC, positioning the United States as the largest nation-state holder of the cryptocurrency.
Bitcoin As Federal Reserve Asset
On the very same day Senator Lummis presented her legislation, ex-President Donald Trump voiced his own plan for a “national Bitcoin reserve,” pledging not to sell the approximately 200,000 Bitcoins owned by the U.S. government. Trump likened BTC to the steel industry of a past era, vowing to transform the United States into the “global leader” in the realm of cryptocurrencies.
In addition to the conversation, Robert F. Kennedy Jr., a previous presidential candidate, suggested a bolder strategy involving the purchase of around 5 million Bitcoins, which is roughly equivalent to about a fourth of the total worldwide supply.
It’s worth noting that the concept of maintaining a strategic Bitcoin reserve is gaining traction across political spectrums. For instance, Representative Ro Khanna, a Democrat from California, has openly supported this idea, suggesting that the Federal Reserve (Fed) should take Bitcoin into account as a potential reserve asset.
In a recent interview, Khanna expressed his desire to keep an open mind about incorporating Bitcoin into the Federal Reserve system. He emphasized Bitcoin’s possible growth potential and its capability of setting new financial norms.
Democratic Push For Digital Assets
keeping this Bitcoin as a strategic reserve. This way, the U.S. could enjoy its value incrementally over time.
Apart from his other duties, Khanna significantly influenced the Democratic National Committee to reconsider their views on cryptocurrencies. In a correspondence addressed to party leaders, he proposed a “cryptocurrency refresh,” emphasizing the need for supportive digital asset language in the party’s platform and stronger collaboration with specialists in this field.
Dennis Porter, head of the non-profit organization Satoshi Action Fund, advocates for backing projects like a tactical Bitcoin reserve to enable Democrats to resonate with an expanding group of Bitcoin-voting constituents. He posits that as cryptocurrency evolves, the political affiliations attached to it will become less pronounced.
Khanna made clear his agreement with this viewpoint by stating that opposing Bitcoin and cryptocurrencies is comparable to refusing technological progress. In essence, he argued that being against these digital currencies is much like being against technology itself. He emphasized that adopting digital assets might align well with the broader objectives of the party, such as promoting financial equality and environmentally friendly energy policies.
Lummis, an advocate for Bitcoin’s bipartisan possibilities, encouraged both Republicans and Democrats to back her proposed legislation. She suggested that even though the Republican National Committee and President Trump have expressed strong support for Bitcoin, she believes her counterparts from the Democratic party should also join in. Implying that the 2024 election cycle could be a crucial turning point for shaping cryptocurrency policies.
At the time of writing, BTC is trading at $60,333, down nearly 4% over the past seven days.
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2024-10-03 05:41