BITCOIN Act of 2024

Summary · Congressional Research Service (nonpartisan)

This bill provides for the acquisition and storage of the cryptocurrency Bitcoin by the U.S. government. The Department of the Treasury must purchase one million Bitcoins over a five-year period and hold the Bitcoins in trust for the United States. All Bitcoins acquired under this bill must be held for at least 20 years unless used to retire outstanding federal debt. The bill directs Treasury to establish a Strategic Bitcoin Reserve for the secure storage of U.S. Bitcoins. The reserve must be a decentralized network of secure facilities across the United States. Existing U.S. Bitcoin holdings must be transferred to the reserve. States may voluntarily store Bitcoin holdings in the reserve in segregated accounts. The bill also reduces the total amount of U.S. dollars Federal Reserve banks may hold in surplus and requires Federal Reserve banks to remit a certain amount of net earnings annually to the purchase of Bitcoins.