Bitcoin Reserve Bill Advances to Senate Banking Committee: Could It Propel BTC to a New ATH?

• The Bitcoin Reserve Bill, if passed, could significantly boost Bitcoin’s value by establishing it as a U.S. reserve asset.
• The bill’s progress and potential impact on BTC intersect with the 2024 U.S. presidential elections, influencing major political figures’ stances on crypto policies.

The Bitcoin Reserve Bill, introduced by Senator Cynthia Lummis, is making significant progress in the U.S. legislative process. Known officially as S.4912, the BITCOIN Act of 2024, the bill has been referred to the Senate Banking Committee for further deliberation, signaling growing support for the legislation.

As CNF recently highlighted, the BITCOIN Act could transform the U.S. financial strategy, positioning Bitcoin as a key financial asset. Collin Brown suggests that the Bitcoin Reserve Bill should be viewed from a financial perspective, emphasizing the potential impact on Bitcoin’s price.

🚨 Breaking 🚨 The Bitcoin Reserve Bill, introduced by Senator Cynthia Lummis, has been referred to the Senate Banking Committee. If passed, it would allow the US government to hold Bitcoin as a reserve asset. 🌐💰

Think about the price, BOOOOM! 🚀🚀🚀 pic.twitter.com/uHUGLyf2VF

— Collin Brown (@CollinBrownXRP) August 4, 2024

He notes that if the bill, introduced by Senator Cynthia Lummis, passes and the U.S. government begins holding Bitcoin as a reserve asset, it could lead to a significant increase in the cryptocurrency’s value.

It is known that the bill’s rising popularity intersects with the upcoming 2024 U.S. presidential elections, where major political figures, including Donald Trump and Kamala Harris, are beginning to align themselves with pro-crypto policies.

Could It Propel BTC to a New ATH?

Should the bill pass, it would mandate the U.S. government to invest in Bitcoin, potentially creating a strategic reserve of the cryptocurrency, and subsequently propel BTC to a new ATH. In Senator Lummis’ view, such a move would bolster the dollar’s position as the world’s leading currency by integrating Bitcoin as a key financial asset.

According to today’s CoinMarketCap data, Bitcoin (BTC) is trading at $53,907.11 with a decrease of 11.43% in the past day and 21.85% in the past week.