The Digital Chamber, a leading digital asset advocacy group in the United States, urges lawmakers to support the newly introduced Bitcoin reserve bill. Wyoming Senator Cynthia Lummis proposed the legislation on July 31, seeking to position the US as a global leader by incorporating Bitcoin into its national reserves.
The bill, formally named the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (or Bitcoin Act of 2024), mandates the US Treasury to purchase 1 million Bitcoin over five years. The Digital Chamber's Chief Policy Officer, Cody Carbone, emphasised that Bitcoin's limited supply—capped at approximately 21 million units—makes it an attractive asset for hedging against inflation and economic instability.
The Digital Chamber’s letter to US Senators. Source: The Digital Chamber
Carbone highlighted the benefits of diversifying the nation's reserves, stating, "By reducing our reliance on traditional fiat currencies and diversifying our reserves, we can create a more robust and adaptable financial system that is better equipped to navigate future economic challenges."
The appeal comes shortly after the US national debt exceeded $35 trillion. Lummis is not alone in her Bitcoin advocacy; independent candidate Robert F. Kennedy Jr. and Republican candidate Donald Trump have both expressed support for building a national Bitcoin reserve. At the Bitcoin 2024 conference in Nashville, Kennedy proposed daily Bitcoin purchases for the Treasury, while Trump suggested creating a strategic national Bitcoin stockpile.
Recent months have seen increasing bipartisan support for cryptocurrency-related initiatives in the US. The Financial Innovation and Technology for the 21st Century Act passed the House on May 22, with substantial support from both parties. However, attempts to overturn the US Securities and Exchange Commission's Staff Accounting Bulletin 121 rule, which could have facilitated US banks' custody of cryptocurrency exchange-traded products, were vetoed by President Joe Biden. The veto override attempt did not achieve a two-thirds majority in the House.
A British software engineer is ready to get into a legal battle with Newport City Council for refusing to let him dig up a landfill where he lost his hard drive.
XingChiIn January 2024, hacker Eric Council Jr. used a SIM swapping technique to hijack the SEC's X account and post a fake Bitcoin ETF approval, causing wild price swings in Bitcoin. He was arrested in October 2024 and charged with identity theft and fraud.
JoyElvis Presley has entered the Bitcoin ecosystem with a new collection of generative art called "Elvis Side $Btc," featuring 1,935 unique images created in collaboration with Royalty and OrdinalsBot. This project aims to preserve Elvis's legacy through a decentralised autonomous organisation (DAO) that will benefit from sales of the collection.
AnaisDonald Trump has raised approximately $7.5 million in cryptocurrency donations for his 2024 presidential campaign, with major contributions coming from Bitcoin, Ether, and XRP. The influx of crypto donations reflects his shift from a critic to a pro-crypto candidate, gaining support from key figures in the industry.
AnaisTesla has transferred over $760 million worth of Bitcoin to various wallets, emptying its cryptocurrency holdings. This move comes after a long period of dormancy and raises questions about the company's future plans for Bitcoin, especially as CEO Elon Musk has previously hinted at potentially accepting it as payment again.
JoyLarry Fink declares bitcoin a legitimate asset class, rivaling gold. He emphasises market growth driven by acceptance and transparency, anticipating further advancements in digital assets and blockchain technology.
EdmundNorth Gyeongsang Province seized $890,000 in crypto from residents who failed to pay taxes. The province aims to recover $136 million in unpaid taxes by the end of the year, using aggressive measures against tax evaders.
AnaisA recent survey revealed that only 7.5% of Salvadorans use Bitcoin for transactions, despite the government's efforts and investments since it became legal tender in September 2021. Most citizens prefer the government to focus on education and industrial development rather than Bitcoin, highlighting a disconnect between official policies and public priorities.
WeatherlyGoogle has just left Bitcoin investors scratching their heads as to why the search engine has removed the live price charts for Bitcoin and other cryptocurrencies
XingChiChinese stocks opened higher on Monday and Bitcoin surged above $64,000 as investors assessed the potential impact of economic stimulus measures announced by the Ministry of Finance over the weekend.
MiyukiAs I delved deeper into chain abstraction, one thing became extremely clear: without account abstraction (AA), there is no future for chain abstraction.
JinseFinanceIggy Azalea's meme crypto MOTHER surged 30% to $0.1, hitting a $100M market cap within a week on Solana. Despite initial insider trading issues, Azalea's proactive measures restored confidence and drove rapid growth.
EdmundStarknet’s main technical features include the Cairo language that facilitates ZK proof generation, native-level AA, and smart contract models that are independent of business logic and state storage.
JinseFinanceGamefi, Web 3.0, 2024 Jiachen Year Web3 Feng Shui Research Report Golden Finance and Metaphysics bring a new perspective and way of thinking to Web3
JinseFinanceThe rating downgrade reflects Fitch's apprehension about the country's fiscal outlook and highlights the frequent clashes over the debt limit witnessed in the past two decades.
Coinlive Coinlive Metaverse is still very much important as the days of the internet are taking a new shape with the migration of different projects into Web3.
NulltxNulltxINTERNET CITY, DUBAI, May. 27, 2022 – LBank Exchange, a global digital asset trading platform, will list Value Interlocking Exchange ...
BitcoinistINTERNET CITY, DUBAI, May. 26, 2022 – LBank Exchange, a global digital asset trading platform, will list TEAK COIN (TEAK) ...
Bitcoinist