- Over 2,200 letters have been sent to U.S. senators urging support for Wyoming Senator Cynthia Lummis’s proposed BITCOIN Act of 2024.
- This act aims to position the U.S. as a global leader in economic technology and enhance national security against financial crises.
The demand for having Bitcoin (BTC) as a reserve asset has grown significantly in the United States. US senators have received more than 2,200 letters over the past week to hold BTC as a reserve asset for the US. The demand has been exacerbated following the US national debt crossing $35 trillion, with former President Donald Trump suggesting that crypto cheques be issued to solve this matter, reported Crypto News Flash.
Satoshi Action Fund, the Bitcoin mining advocacy organization, launched an initiative encouraging the public to send letters to the Senator encouraging them to support the BITCOIN Act of 2024 proposed by Wyoming Senator Cynthia Lummis last week, per the CNF report.
The group believes the bill’s approval will protect the US against the financial crisis while enhancing national security. Additionally, it will help the US position itself as a global economic leader. The Satoshi Action Fund noted:
The moment to secure our financial future and bolster America’s leadership in technology is here. We have a critical opportunity to support the Senator Lummis ‘Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024,’ also known as the ‘BITCOIN Act of 2024.
Majority Bitcoin Adoption Letters Sent to Democrats
With the Biden administration taking a harsh stand on crypto during the ongoing tenure, the crypto industry is now urging the Democrats to reconsider its stands. In a post on social media platform X, Satoshi Action Fund CEO and co-founder Dennis Porter revealed that over 60% of the letters were sent to Democratic senators.
BIG BREAKING: 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 pic.twitter.com/JUHP6mC0bV
— Dennis Porter (@Dennis_Porter_) August 3, 2024
Porter states that the senators’ offices will reply to the individuals who sent the letters. “Letters are sent from constituents, not us. Generally, a good chunk of the offices will respond to their constituents,” he noted.
The Bitcoin price has been subject to strong volatility this week as global macro developments have sent shockwaves across asset classes. The impact of the Japanese carry trade and concerns about the US recession have also spread heavily to the crypto market.
On Monday, the Bitcoin price tanked under $50,000 twice. However, there was strong interest in buying the dips, thereby pushing it up 10% from its bottom. According to the CNF data, it is currently trading above $55,000.
