COINOTAG News reports that the recent buzz surrounding the “Trump Bitcoin Reserve Act” has been labeled as false information by various sources. Investors and stakeholders are advised to await confirmation from official governmental channels in the United States before drawing any conclusions. This situation arises in the context of the previously proposed “Bitcoin Strategic Reserve Act,” introduced by Senator Cynthia Lummis of Wyoming on July 31, 2024.
This pivotal legislation aims to create a reserve fund managed by the U.S. Department of the Treasury for the purpose of accumulating Bitcoin (BTC). With an ambitious goal to secure one million bitcoins—approximately 5% of the total circulating supply—the act underscores the significance of this decentralized asset within national finance.
Additionally, the initiative plans to establish a decentralized secure Bitcoin vault network, ensuring comprehensive security protocols are developed. Legislators are tasked with setting stringent network security and physical measures to protect the assets from theft, thereby bolstering confidence in the security of government-held digital currencies.