U.S. House Advances Bill to Hold Government- Held Bitcoin for 20 Years

The U.S. House of Representatives has taken a significant step towards establishing Bitcoin as a strategic asset by advancing the Strategic Bitcoin Reserve Act.

The bill, which aims to hold all government-held Bitcoins for 20 years and prohibit their sale, received a favorable assessment with 28 votes in favor and 21 against in the House Financial Services Committee.

The move comes after President Trump signed an executive order to use confiscated Bitcoin to bolster the reserves, and currently, the U.S. government holds approximately 324,527 Bitcoins valued at around $24.77 billion.

Connor Brown, Executive Director of the Bitcoin Policy Institute, described this move as 'a historic step,' emphasizing that the bill is the first legislation authorized by a federal committee aimed at establishing secure storage facilities for Bitcoin held by the U.S. government.