TL;DR
Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally launched a invoice to the U.S. Senate on Wednesday looking for to determine a nationwide Bitcoin reserve, which may have each brief and long-term advantages.
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Let’s cap issues off this week with some information which can affect the crypto world in each the brief time period, and the long run.
Senator Cynthia Lummis (aka the ‘Bitcoin Senator’) formally launched a invoice to the U.S. Senate on Wednesday looking for to determine a nationwide Bitcoin reserve.
She first introduced the invoice at Bitcoin 2024 in Nashville final weekend however it wasn’t formally launched till Wednesday.
Right here’s why that is thrilling within the brief time period:
Two phrases: market sentiment.
Whereas there’s nonetheless an extended option to go for the invoice to really be authorized and applied, the mere introduction of the invoice ought to have some kind of constructive affect on investor confidence round Bitcoin.
(And as we all know, BTC goes up >> every thing goes up 🚀)
And in the long run:
If handed (which might be monumental for BTC), it might absolutely result in wider acceptance of crypto on the whole, and produce us nearer to a world the place crypto is simply one other a part of the mainstream monetary system.
(Unsure that’s what each crypto degen desires, however it’s sure to occur).
Likelihood is, it might additionally spur a flurry of different international locations additionally establishing BTC reserves, placing an entire lot extra purchase strain available on the market.
No matter timeframe you take a look at this, it’s large information.
Now we simply want the invoice to be reviewed, debated, voting on in each the Home and the Senate, and signed in by the President.
Easy 🙃
