TL; DR
-
Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally submitted a bill on Wednesday to the US Senate to establish a national Bitcoin reserve, which will provide both short- and long-term benefits.
Full story
Let’s end this week with some news that could impact the crypto world, both in the short and long term.
Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally submitted a bill to the US Senate on Wednesday with the aim of establishing a national Bitcoin reserve.
She announced the bill for the first time at Bitcoin 2024 in Nashville last weekend, but it wasn’t officially introduced until Wednesday.
Here’s why this is exciting in the short term:
Two words: market sentiment.
While there is still a long way to go before the bill is actually passed and implemented, the mere introduction of the bill should have a positive impact on investor confidence around Bitcoin.
(And as we know BTC goes up >> everything goes up 🚀)
And in the long term:
If passed (which would be monumental for BTC), it would certainly lead to wider adoption of crypto in general, and bring us closer to a world where crypto is just another part of the mainstream financial system.
(I’m not sure if this is what every crypto genius wants, but it will certainly happen).
Chances are it’s also a bout of it other countries that are also creating BTC reserves, creating much more buying pressure on the market.
Whatever time frame you look at this in, it’s big news.
Now we just need to review the bill, debate it, vote on it in both the House of Representatives and the Senate, and sign it into law by the President.
Simple 🙃