The co-founder of MicroStrategy claims that the US will need a strategic Bitcoin reserve
Meanwhile, the price of the leading cryptocurrency hit a fresh record high of $75,889 on the Bitstamp exchange at 19:55 UTC. Is Bitcoin Miner Revenue Ready for Major Upswing?The legislation would establish a network of Bitcoin vaults with the highest security standards.
The US government would be purchasing a total of 1 million Bitcoins over the span of five years . This sum would represent roughly 5% of the total supply of the largest cryptocurrency. The purchases will be conducted in"a strategic manner" in order to avoid market disruption. The coins stored in the reserve would not be eligible for selling for 20 years, according to the proposal.
The Bitcoin reserve would need a public cryptographic attestation in order to ensure transparency. Quarterly reports would have to be published on the website of the Department of Treasury on a quarterly basis. The idea of creating the reserve has been naturally embraced by the proponents of the leading cryptocurrency since they believe that Bitcoin could strengthen the country's economic security. that such a proposal would be divorced from reality.
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