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 quick and long-term advantages.
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Let’s cap issues off this week with some information which can impression the crypto world in each the quick 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 but it surely wasn’t formally launched till Wednesday.
Right here’s why that is thrilling within the quick time period:
Two phrases: market sentiment.
Whereas there’s nonetheless a protracted option to go for the invoice to truly be accepted and applied, the mere introduction of the invoice ought to have some type of constructive impression on investor confidence round Bitcoin.
(And as we all know, BTC goes up >> the whole lot goes up 🚀)
And in the long run:
If handed (which might be monumental for BTC), it will certainly result in wider acceptance of crypto usually, and convey us nearer to a world the place crypto is simply one other a part of the mainstream monetary system.
(Undecided that’s what each crypto degen desires, but it surely’s certain to occur).
Chances are high, it will additionally spur a flurry of different international locations additionally establishing BTC reserves, placing a complete lot extra purchase stress available on the market.
No matter timeframe you have 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 🙃