Important points
- Bipartisan support has emerged for using seized Bitcoin as a strategic U.S. stockpile.
- The proposal has been likened to the Louisiana Purchase to highlight its potential impact.
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Support for a Strategic Bitcoin Reserve is gaining bipartisan momentum as lawmakers recognize Bitcoin's potential as a national asset, Forbes reported.
Ro Khanna, a U.S. representative from California, supported the idea. In a statement, he highlighted Bitcoin's upside potential and value as a strategic reserve asset.
“Bitcoin seized by the U.S. government should be used as a strategic reserve asset given the potential for appreciation,” he said in a recent interview.
Originally spearheaded by Sen. Cynthia Lummis, the 1 million Bitcoin initiative now has support from Democrats, with Rep. Ro Khanna backing the idea. This shows that there is a growing bipartisan consensus on incorporating Bitcoin into the US financial strategy.
Lumis spearhead In July 2024, a bill will be introduced that would allow the US to purchase 1 million Bitcoins using existing Federal Reserve and Treasury funds.
Lummis argued that the move could solidify the United States' position as the largest nation-state holder of Bitcoin, and compared the proposal to the historic Louisiana Purchase in terms of its potential long-term effects. I likened it.
Rep. Khanna's endorsement marks a notable shift for Democrats, which have traditionally been more cautious in their approach to digital assets. Mr. Khanna's leadership on crypto issues has helped reshape the conversation within the Democratic Party, pushing for something called a “crypto reset” that encourages more open engagement with the digital asset industry.
Khanna's position is consistent with that of Republican leaders such as Sen. Lummis and former President Donald Trump, who have advocated for the creation of a national Bitcoin reserve.
President Trump has even proposed keeping the 200,000 Bitcoins the US government already owns and further expanding its stockpile, which he says would solidify the US as the world leader in cryptocurrencies. I believe.
The idea of strategically preparing Bitcoin has gained support across political lines. Dennis Porter, CEO of the Satoshi Action Fund, a nonprofit advocacy group, said that as Bitcoin matures as an asset, it is becoming less partisan.
in recent tweetsPorter praised Khanna's support for Bitcoin reserves, saying bipartisan support is growing as lawmakers recognize the importance of holding onto Bitcoin for its long-term potential. .
Bitcoin will play an increasingly central role in US politics as the 2024 election approaches, with voter surveys showing leveraging the digital asset is a winning strategy for candidates of both parties. There is.
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