As Bitcoin Plummets, Supporters Stand behind “Bitcoin Strategic Reserve Bill”
During presidential campaign runs, Donald Trump and Robert F. Kennedy, Jr. pledged support for a Bitcoin strategic reserve bill, and now they have many supporters.
More than 2,200 letters of support were sent to politicians about the proposed bill, demonstrating that the cause has picked up considerable support since it was initially discussed.
If passed, the bill is supposed to establish a reserve of Bitcoin to be used for the benefit of the people. The funds for that reserve could come from Bitcoin that has been seized by the government from illegal activities. The government has been transferring millions of dollars’ worth of seized bitcoins recently, and it purportedly holds much more.
These letters of support come on the heels of a major Bitcoin decline, and the coin has fallen by more than 18% over the weekend. Bitcoin plummeted sharply after a poor US jobs reports showed that US unemployment increased in July. That could indicate that inflation and the state of the economy are worse than expected.
Will the Bill Pass?
The major political proponents of the bill are Republicans and the We the People candidate Robert Kennedy, Jr. However, letters were sent to both Republican and Democrat leaders. That could indicate bipartisan support among the voting populace or it could mean that primarily Republican voters return to influence both major parties.
The passing of the proposed bill is far more likely if Donald Trump is selected. Bitcoin does not seem to be a major Democrat political talking point. Current president Joe Biden provided very little public support for cryptocracy during his administration, and Kamala Harris’ plan for cryptocurrency has yet to be seen since she has only recently become a presidential candidate.
If Harris is elected, there is far less hope for the bill to pass, but if the public continues to support it, she may be forced to consider the bill at least.
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