Following the previous failed effort of Trump's executive order aimed at creating a Strategic Bitcoin Reserve, Wyoming Senator Cynthia Lummis has reintroduced the BITCOIN Act. Speaking at a recent Bitcoin Policy Institute event, Lummis emphasized Bitcoin's potential as a transformative asset for the global economy. Trump's executive order aimed to maintain the US government’s existing 200,000 seized bitcoins and suggested potentially purchasing more, although lacking Congressional backing. Lummis' proposal addresses this gap, detailing plans for the US to acquire up to 200,000 additional bitcoins annually over five years, totaling one million BTC, which would represent about 5% of Bitcoin’s total supply. The Treasury would issue new gold certificates reflective of current bitcoin prices to fund these purchases, ensuring the assets are held securely for at least 20 years. Analyst Michael Saylor projected that the BTC currently held would significantly increase in value, estimating the holdings could be worth around $3 trillion by 2045. Lummis noted challenges remain, particularly in Congress, concerning a lack of understanding about Bitcoin's role as digital gold.

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