U.S. Committee Discusses Bill for Bitcoin Reserve

A committee of the House of Representatives will discuss a bill on Wednesday, September 16, that aims to officially establish a U.S. Bitcoin reserve. The proposal, introduced by Congressman Nick Begich and supported by Democrat Jared Golden, will be discussed at 10:00 AM local time. If there is sufficient support, the proposal may be forwarded to the full House of Representatives. The Bitcoin in the reserve must be held for a minimum of 20 years, and the government will not need to spend additional taxpayer money to purchase Bitcoin. The law does not require the government to buy extra Bitcoin, and no new taxes or debts are necessary. However, the government is exploring how the reserve can grow without additional costs to taxpayers. The proposal focuses on establishing an official Strategic Bitcoin Reserve, which will include Bitcoin that the government already owns, such as from seizures. The government will need to report regularly on the amount of Bitcoin in the reserve. On Wednesday, it will be determined whether the proposal has enough support to advance.

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