The idea is for the US to buy 1 million BTC over a 5 year period
What is the BITCOIN ACT
The BITCOIN Act establishes a strategic Bitcoin reserve ($SBR) to serve as an additional store of value to bolsterAmerica’s balance sheet and ensure the transparent management of Bitcoin holdings of the federal government.
Establish a decentralised network of secure Bitcoin vaults operated by the United States Department of Treasury with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s Bitcoin holdings.
Implement a 1-million-unit Bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States.
Be paid for by diversifying existing funds within the Federal Reserve System and Treasury Department.
Affirm self-custody rights of private Bitcoin holders and emphasise that the strategic Bitcoin reserve shall not infringe upon individual financial freedoms.
