Michael Saylor backs BITCOIN Act as U.S. eyes 1M BTC reserve

On the 16th of September, a select group of 18 crypto industry executives was set to meet with the U.S. lawmakers to hash out the details of the BITCOIN Act. This is the proposal to establish a Strategic Bitcoin Reserve, comprising 1 million Bitcoin over five years.

The lineup includes Strategy’s Michael Saylor, Fundstrat’s Tom Lee, and MARA CEO Fred Thiel. And, reportedly, their task will be to make the case for how the U.S. could accumulate one million Bitcoin over five years without adding to the federal deficit.

Moreover, they will map why the bill stalled in recent months and outline objections to its institution.

The meeting will be hosted by the advocacy group “The Digital Chambers”.

Miners, investors and banks join the table

Beyond the headline speakers, the roundtable will feature CleanSpark’s Matt Schultz and Margeaux Plaisted, MARA’s Jayson Browder, and Bitdeer’s Haris Basit.

In addition, venture capital is getting a seat too.

Off the Chain Capital and Reserve One were expected to be represented at the meeting, alongside eToro’s U.S. chief Andrew McCormick.

Notably, TradFi had a presence too, with Western Alliance Bank’s David Fragale and Blue Square Wealth’s Jay Bluestine joining.

Meanwhile, Strategy makes more purchases

Discussions aside, Michael Saylor is quietly expanding his own.

In fact, Arkham Intelligence reported that Strategy scooped up another $60 million worth of BTC at an average price of $114,562.

So, that latest move lifts the firm’s holdings to $73.41 billion in BTC, by far the largest corporate treasury anywhere.

Source: Arkham Intelligence

With or without government backing, major players are already treating Bitcoin as a strategic asset.