Michael Saylor backs BITCOIN Act as U.S. eyes 1M BTC reserve
Crypto leaders and TradFi executives will gather in Washington to push for a 1 million BTC U.S. reserve.
Key Takeaways
What is the BITCOIN Act?
The BITCOIN Act is a new proposal to create a U.S. Strategic Bitcoin Reserve, aiming to collect 1 million BTC over five years.
Who is involved in discussions about the BITCOIN Act?
Top crypto executives like Michael Saylor and Tom Lee, mining companies, banks, and venture capital firms are meeting with U.S. lawmakers to support and shape the proposal.
Washington is about to get more of Bitcoin [BTC]!
Some of crypto’s most influential names – including Michael Saylor and Wall Street veteran Tom Lee – are sitting down with lawmakers to discuss the newly floated BITCOIN Act.
The proposal is a bold plan for the U.S. to build a massive Bitcoin reserve.
And with fresh buys and rising political interest backing the narrative, the timing is interesting.
U.S. lawmakers are courting crypto’s biggest voices
On the 16th of September, a select group of 18 crypto industry executives will sit with U.S. lawmakers to hash out the details of the BITCOIN Act, introduced by Senator Cynthia Lummis.
This is the proposal to create a Strategic Bitcoin Reserve – 1 million Bitcoin over five years.
The lineup includes Strategy’s Michael Saylor, Fundstrat’s Tom Lee, and MARA CEO Fred Thiel. Their task will be to make the case for how the U.S. could accumulate one million Bitcoin over five years without adding to the federal deficit.
The group will also review the legislative delays over the past six months and address the main objections to implementing the Act.
The meeting will be hosted by the advocacy organization The Digital Chamber.
Miners, investors and banks join the table
It’s not just Bitcoin evangelists making their case in Washington. The roundtable will also feature CleanSpark’s Matt Schultz and Margeaux Plaisted, MARA’s Jayson Browder, and Bitdeer’s Haris Basit.
Venture capital firms are joining the conversation as well, with Off the Chain Capital and Reserve One in attendance. They’ll be joined by Andrew McCormick, U.S. chief of eToro.
Even traditional finance (TradFi) is weighing in: David Fragale of Western Alliance Bank and Jay Bluestine of Blue Square Wealth are also set to participate.
Strategy makes more purchases
Discussions aside, Michael Saylor is quietly expanding his own.
On the 15th of September, Arkham Intelligence reported that Strategy scooped up another $60 million worth of BTC, at an average price of $114,562.
That latest move lifts the firm’s holdings to $73.41 billion in BTC, by far the largest corporate treasury anywhere.
With or without government backing, major players are already treating Bitcoin as a strategic asset.
