Following pro-crypto Senator Cynthia Lummis’ plea to enact a Bitcoin Strategic Reserve bill at the end of July, U.S. Senators have now received over 2,200 letters urging them to support the proposal.

The bill aims to create a decentralized network of secure Bitcoin vaults managed by the U.S. Treasury. It mandates lawmakers and government officials to implement stringent cybersecurity protocols and physical security measures to safeguard Bitcoin assets from theft.

In just 48 hours, over 2,200 letters have been sent to U.S. Senators requesting them to co-sponsor and support the ‘Strategic Bitcoin Reserve’ bill.

  • Democrats received – 1,333 letters
  • Republicans received – 850 letters
  • Independents received – 41 letters

According to Satoshi Action Fund CEO Dennis Porter, Democratic senators received more than 1,300 letters, while Republicans received 850. Independent Party senators received 41. Senator Lummis quoted Porter’s post, giving thanks to those who sent the letters.

Lummis, a Republican representing Wyoming, officially introduced the Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act to the U.S. Senate on July 31.

The BITCOIN Act sets a target for the US Treasury to acquire 1 million Bitcoin — approximately 5% of the cryptocurrency’s total supply. To achieve this, Lummis proposes using existing U.S. Treasury funds to purchase Bitcoin in quantities that align with the Treasury’s current gold holdings.

Creating a strategic Bitcoin reserve would help future generations deal with the growing rates of inflation.

During the first quarter of the financial year 2024, US inflation rates rose by more than 3%. Since then, U.S. inflation has dropped, sparking discussions about potential interest rate cuts by the U.S. Federal Reserve. As inflation cools, investors are reconsidering their portfolios, with cryptocurrency emerging as a key talking point ahead of the 2024 presidential election.

Presidential candidates from both the Republican and Independent parties, Donald Trump and Robert F. Kennedy Jr, seem to support the introduction of a Bitcoin reserve. Vice President Kamala Harris, the presumptive Democratic nominee, has also garnered support from leaders in the cryptocurrency sector, a demographic President Joe Biden struggled with.

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