Stalin
Well-Known Member
- Joined
- Apr 4, 2008
- Messages
- 2,429
rich people will buy bitcoin as the treasury will be committed to buying 793,000 bitcoin over five years ( that's 79 billion at today's prices )
thus cranking the price up...
no wonder the useless trumpf loves this solution in search of a problem.. another avenue for fraud, corruption and election fixing
"..On July 27, Senator Cynthia Lummis (R-WY) strode on to the stage at the Bitcoin Nashville conference, holding aloft a sheaf of papers. “Here it is,” she announced. “This is the Bitcoin Reserve Bill… This is our Louisiana Purchase moment.”
Four days later, Sen Lummis introduced to the 118th Congress the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024”, or BITCOIN Act. The bill mandates that all bitcoin held by any Federal agency be transferred to the Treasury to be held in a strategic bitcoin reserve. In addition, it mandates that the Secretary of the Treasury purchase “not more than 200,000 Bitcoins per year over a 5-year period, for a total acquisition of 1,000,000 Bitcoins.” That 1,000,000 Bitcoins is then to be held by the Treasury for at least 20 years before they can consider selling it, and places a number of restrictions on potential future sales.
The US currently holds roughly 207,000 bitcoin, which the BITCOIN Act mandates be transferred to the Treasury and held as part of the strategic reserve. The remaining 793,000 bitcoin could be purchased at today’s spot price of $76,375 for $60,545,550,000. Of course, a purchase that large would likely move the price up before the entire purchase could be made, and unlike the dollars used to purchase it, bitcoin cannot be printed for free by the US government; they’re forced to buy it. The BITCOIN Act mandates that the government decrease the permissible amount of the surplus funds of the Federal reserve banks by about $4.4 billion, from $6,825,000,000 to $2,400,000,000. The bill also mandates that the first $6 billion of earnings of the Federal Reserve banks each year be used to purchase bitcoin for the strategic reserve.
After its introduction the BITCOIN Act was referred to the Senate Banking Committee, chaired by Senator Sherrod Brown (D-OH). Sen Brown did not allow the committee to vote on the bill. For this and related reasons, crypto PACs targeted Sen Brown, spending around $40,000,000 on attack ads. Sen Brown lost his seat to Bernie Moreno, Chairman of the Board of a blockchain company.
The new Chair of the Senate Banking Committee is likely to be Senator Tim Scott (R-SC), the current Ranking Member. Sen Scott appeared on stage with Sen Lummis at Bitcoin Nashville, and he is likely to bring the BITCOIN Act to a vote in committee early in the 119th Congress.
comrade stalin
wall street
thus cranking the price up...
no wonder the useless trumpf loves this solution in search of a problem.. another avenue for fraud, corruption and election fixing
"..On July 27, Senator Cynthia Lummis (R-WY) strode on to the stage at the Bitcoin Nashville conference, holding aloft a sheaf of papers. “Here it is,” she announced. “This is the Bitcoin Reserve Bill… This is our Louisiana Purchase moment.”
Four days later, Sen Lummis introduced to the 118th Congress the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024”, or BITCOIN Act. The bill mandates that all bitcoin held by any Federal agency be transferred to the Treasury to be held in a strategic bitcoin reserve. In addition, it mandates that the Secretary of the Treasury purchase “not more than 200,000 Bitcoins per year over a 5-year period, for a total acquisition of 1,000,000 Bitcoins.” That 1,000,000 Bitcoins is then to be held by the Treasury for at least 20 years before they can consider selling it, and places a number of restrictions on potential future sales.
The US currently holds roughly 207,000 bitcoin, which the BITCOIN Act mandates be transferred to the Treasury and held as part of the strategic reserve. The remaining 793,000 bitcoin could be purchased at today’s spot price of $76,375 for $60,545,550,000. Of course, a purchase that large would likely move the price up before the entire purchase could be made, and unlike the dollars used to purchase it, bitcoin cannot be printed for free by the US government; they’re forced to buy it. The BITCOIN Act mandates that the government decrease the permissible amount of the surplus funds of the Federal reserve banks by about $4.4 billion, from $6,825,000,000 to $2,400,000,000. The bill also mandates that the first $6 billion of earnings of the Federal Reserve banks each year be used to purchase bitcoin for the strategic reserve.
After its introduction the BITCOIN Act was referred to the Senate Banking Committee, chaired by Senator Sherrod Brown (D-OH). Sen Brown did not allow the committee to vote on the bill. For this and related reasons, crypto PACs targeted Sen Brown, spending around $40,000,000 on attack ads. Sen Brown lost his seat to Bernie Moreno, Chairman of the Board of a blockchain company.
The new Chair of the Senate Banking Committee is likely to be Senator Tim Scott (R-SC), the current Ranking Member. Sen Scott appeared on stage with Sen Lummis at Bitcoin Nashville, and he is likely to bring the BITCOIN Act to a vote in committee early in the 119th Congress.
comrade stalin
wall street
