The U.S. Congress is advancing the Bitcoin Strategic Reserve Act, which aims to purchase 1 million Bitcoins within 5 years.

The US Congress held a key meeting on the 17th of this month, focusing on the legislative process to include Bitcoin in the national strategic reserve. According to Cryptoin America, the meeting brought together several prominent speakers, including Senators Ted Cruz and Marsha Blackburn, as well as MicroStrategy founder Michael Saylor, a long-time Bitcoin bull.

Notably, the BITCOIN Act, reintroduced by Senator Cynthia Lummis in March of this year, became a key focus of the meeting. The bill proposes designating Bitcoin as a strategic reserve asset similar to gold and explicitly proposes that the US government gradually purchase one million Bitcoins over the next five years to enhance the diversification and resilience of the nation's fiscal assets. Hailey Miller, policy director at Digital Power Network, stated after the meeting that attendees generally agreed on the need for a strategic Bitcoin reserve and that the next step would be to integrate this concept into a broader macroeconomic and financial policy framework.

The proposal is also seen as an extension and deepening of a Trump administration policy that prohibits the federal government from selling Bitcoin seized during law enforcement, instead retaining it as a national asset.

While the initiative has garnered significant support within the cryptocurrency sector, it still faces considerable controversy and skepticism within broader policy and public opinion. Lummis himself admitted that convincing his colleagues in Congress to understand and accept the idea of Bitcoin as a national strategic reserve asset will require considerable time and patient communication.

The convening of this meeting signals that Bitcoin is gradually entering the high-level financial and legislative agenda in the United States. This reflects not only the growing influence of digital currencies but also the profound evolution of national asset allocation concepts under the impact of emerging asset classes.