#TheBitcoinAct The term "Bitcoin Act" refers to proposed legislation related to the cryptocurrency Bitcoin, particularly focusing on its management by the U.S. government. One prominent example is the BITCOIN Act of 2024 (S.4912), introduced by Senator Lummis, which proposes the creation of a Strategic Bitcoin Reserve. This reserve would involve the U.S. Treasury purchasing and holding Bitcoin, as well as establishing secure storage facilities across the country.

Strategic Bitcoin Reserve:

The BITCOIN Act proposes the establishment of a Strategic Bitcoin Reserve, a decentralized network of secure facilities for storing government-owned Bitcoin holdings.

U.S. Government Acquisition:

The bill outlines a process for the U.S. Treasury to acquire Bitcoin, potentially including a purchase of one million Bitcoins over five years, according to the bill.

Long-term Holding:

The acquired Bitcoin would generally be held for at least 20 years, with exceptions for using it to retire outstanding federal debt.

Decentralized Storage:

The Strategic Bitcoin Reserve would be geographically dispersed throughout the United States to enhance security and resilience, says the bill.

Oversight and Security:

The Secretary of the Treasury would be responsible for the ongoing monitoring, auditing, and security of the reserve.

Other Bills:

Other bills with similar aims, such as a proposed BITCOIN Act of 2025 (S.954), may also be introduced in Congress.

Potential Impact:

The BITCOIN Act, if passed, could significantly impact the U.S. government's involvement with and management of Bitcoin, including its role in the broader digital asset landscape.