The United States' Bitcoin strategic reserve is divided into two steps, and everyone is currently mixing the expectations of the two together.
1. Executive Order: An executive order can be directly signed by the president. The EO states that taxpayer money will not be used to purchase Bitcoin, and the Department of Commerce and the Treasury will establish a new budget-neutral sovereign fund to make purchases. It is crucial to emphasize that no taxpayer money will be used to buy Bitcoin; otherwise, there will be significant resistance and opposition. The authority is then delegated to the Department of Commerce and the Treasury to handle it, with various sources of funding, such as selling energy or mining rights, etc. Moreover, the new Secretary of Commerce is a Bitcoiner himself.
2. Bitcoin Bill: This is the working group led by Congressman Lummis, which contains more details. The expectation that the United States will buy one million Bitcoins is also included in this bill, along with details on which funds will be used for the purchases and some favorable tax policies related to Bitcoin, etc. As far as I know, this bill is nearly drafted. On March 11, Congressman Lummis and the Bitcoin Policy Institute (a non-profit organization founded under BTC Inc, the parent company of Bitcoin Magazine, primarily aimed at promoting policy formulation related to Bitcoin in Congress and the U.S. government) will hold a closed-door meeting in DC to discuss more details. Those interested can pay attention to it.
