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A new draft bill under the working title “Bitcoin Act of 2024” proposes establishing a U.S. Strategic Bitcoin Reserve that would be financed in part by a revaluation of the Fed’s gold.
According to the bill, the Secretary of the Treasury will be responsible for creating a decentralized network of secure Bitcoin storage facilities across the United States. These facilities will be strategically located based on a comprehensive risk assessment that prioritizes geographic diversity, security and accessibility.
The draft bill outlines a “Bitcoin Purchase Programme” that aims to deliver up to 200,000 BTC per year over a five-year period, reaching 1 million BTC in total. The purchased Bitcoin will be held for at least 20 years and can only be disposed of to pay federal debts. After this period, no more than 10% of assets can be sold in any two-year period.
To finance the initiative, the plan calls for allocating $6 billion from net earnings transferred to the Treasury by the FED between fiscal years 2025 and 2029. The bill also proposes reducing the discretionary fund surplus of Fed banks to $2.4 billion, from the current level of $6.825 billion, as envisioned in the Federal Reserve Act.
The bill also requires FED banks to surrender all gold certificates they hold to the Secretary of the Treasury within six months of the law's entry into force. Within the next 90 days, the Secretary of the Treasury will issue new gold certificates to the Fed banks that reflect the fair market value price of gold.
*This is not investment advice.