cryptopolitan.com
Congressman Nick Begich (R-AK) is gaining momentum with his support for The Bitcoin Act, a sweeping legislative effort to make Bitcoin an essential strategic asset for the United States.
Nick said the odds of getting through the Bitcoin Act were increasing for several reasons.
The legislation mandates a blueprint for the US Treasury to purchase 1 million BTC over the next five years.
He explained that Congress is more knowledgeable about Bitcoin than ever before and is growing appreciative of the precarious conditions of the national debt and deficit. He added that the public was realizing the importance of diversifying the national strategic reserve and owning a commodity asset—in this case, something precious like BTC with gold.
Congressman Begich has been pushing support for the bill recently, which has received bipartisan co-sponsorship by several members of Congress.
Other motion sponsors include Rep. Pat Harrigan (RNC), Rep. Troy Nehls (R-TX), and Rep. Michael Rulli (R-OH), who understand Bitcoin’s promise to provide better national financial security. Sen. Cynthia Lummis (R-WY), one of the longest-standing Bitcoin proponents, has introduced companion legislation in the upper chamber, adding to what is looking to be some momentum for the bill.
The industry is rallying behind the BITCOIN bill, and the public is backing it as well
The bill has received interest in the industry and beyond from proponents of digital assets and other political leaders. Bitcoin Policy Institute and other commentators have complimented the bill, stating it is part of a broader trend to update the financial infrastructure and utilize fewer fiat reserves.
Public interest in the Bitcoin Act is also growing, with the Bitcoin community and financial pundits invoking the law’s ability to act as an inflation hedge and protector against economic volatility. Social media has also embraced the bill significantly, with community groups championing the idea.
The legislation suggests a framework for potentially accumulating 1 million BTC over five years, with purchases of 200,000 BTC per year. However, all of these acquisitions are required under the bill to occur by budget-neutral mechanisms, namely Federal Reserve remittances and gold certificate revaluations, thereby keeping taxpayer burdens to an absolute minimum.
The bill also asserts BTC self-custody rights, ensuring that federal agents do not hinder individuals’ ability to own and transact with Bitcoin. This has attracted the attention of both libertarian-leaning policymakers and advocates of financial freedom.
The US is advancing its financial leadership in digital assets
The Bitcoin Act follows the President’s recent executive order calling for establishing a “Strategic Bitcoin Reserve,” indicative of the administration’s commitment to fully harnessing the future of digital assets. If successful, the bill would enshrine BTC’s position in national financial strategy, providing a template for other countries to follow.
As Congressman Begich drifts between, supporters, policymakers, financial institutions and global markets will watch and listen closely to the bill’s progression. As adoption continues, the Bitcoin Act would radically shift how the US government relates to BTC and the broader digital economy.
Congressman Nick Begich stated that the United States’ proof of reserves system, as defined in the bill, would be comparable to the one the Central American country uses, whereby the government’s BTC address is published.
He said one of the enduring problems around Fort Knox was that there was no public auditing to back it up, which led to concerns over the gold content. Some commentators assumed the US held less gold than it said; others that it held more. Begich pointed out that there was no way American citizens could independently verify the existence of the gold we were being told the country had.