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Diversifying national reserves with Bitcoin could enhance the ability to hedge against inflation and economic volatility, the group noted.
Key Takeaways
The Digital Chamber has penned a letter to US senators, calling on them to support Senator Lummis' Bitcoin bill. Integrating Bitcoin into national reserves could help the US hedge against economic volatility, according to the bill. <?xml encoding="UTF-8"?>The Digital Chamber, a key player in blockchain and digital asset promotion, has called on every US senator to support the “BITCOIN Act of 2024” introduced by Senator Cynthia Lummis on July 31.
In a letter shared on August 1, the Chamber said the bill is in line with national interests, demonstrates fiscal responsibility, and eases economic burdens through technological advancement.
Today, we're hand-delivering this letter 👇 to every U.S. Senator urging them to support the BITCOIN Act of 2024. #Bitcoin is our future, and this bill ensures the U.S. leads in global economic innovation.
Thank you @SenLummis for your consistent leadership! pic.twitter.com/5LPiKFkEWk
— The Digital Chamber (@DigitalChamber) August 1, 2024
A Bitcoin reserve would improve the balance sheet of the country and ensure that Bitcoin holdings were transparently managed, according to the Chamber. The group added that by integrating Bitcoin into national reserves, the US could strengthen its financial position and hedge against inflation and economic instability.
The Chamber also noted that Bitcoin in the strategic reserve can be used to retire outstanding federal debt.
“Historically, our financial system has been burdened by debt and fiscal policies that have often led to economic challenges. Establishing a Bitcoin reserve is a step toward rectifying these issues. It provides an opportunity to adopt a more sustainable and forward-looking approach to fiscal management,” the Chamber wrote.
Lummis’ Bitcoin bill seeks to direct the US Treasury to purchase 1 million BTC over five years. The strategy is to use Bitcoin as a US strategic reserve to stabilize the US dollar and reduce the national debt.
The proposal came after Republican candidate Donald Trump declared that he would make Bitcoin a US strategic reserve asset if elected.
The Digital Chamber also penned a letter to Vice President Kamala Harris last month, urging her to adopt a crypto-friendly stance in her presidential campaign.
The group suggested that Harris should consider a vice-presidential candidate with a strong background in digital asset policy.
The crypto community has been questioning Harris’ stance on Bitcoin and crypto since President Biden stepped down from the upcoming presidential race. There have been no public comments about the issue from the VP.
According to Fortune, Kamala Harris is likely to clarify her stance on Bitcoin in the coming weeks.
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