Key Takeaways
What is the BITCOIN Act?
The BITCOIN Act is a new proposal to create a U.S. Strategic Bitcoin Reserve, aiming to collect 1 million BTC over five years.
Who is involved in discussions about the BITCOIN Act?
Top crypto executives like Michael Saylor and Tom Lee, mining companies, banks, and venture capital firms are meeting with U.S. lawmakers to support and shape the proposal.
Washington is about to get more of Bitcoin [BTC]!
Senator Cynthia Lummis’ proposed BITCOIN Act is back in focus as lawmakers host industry leaders to discuss the creation of a U.S. Strategic Bitcoin Reserve.
And with fresh buys and rising political interest backing the narrative, the timing is interesting.
U.S. lawmakers are courting crypto’s biggest voices
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.
