US law to buy 1 million bitcoin would go into force in August

Ohio’s American Senator Republican, Bernie Moreno, has urged Congress to approve for August the Bitcoin bill.

This bill, which was represented by Republican Senator Cynthia Lummis two weeks ago with some modifications, proposes to buy 1 million Bitcoin units in the next five years. Unlike the initial version introduced last year that expired without being approved, it does not set an acquisition limit per year, offering greater flexibility.

«If people understand, in general terms, that this is really very good for the future of the US financial domain worldwide, then we will reach a consensus point and I think we are achieving it,» Moreno said about the legislative debate of the bill.

Therefore, «let’s end this for the August recess,» he said about The legislative treatment to approve the bill to buy 1 million BTC. By then, it is common for the United States Congress to take a break from its activities, unless there are sessions considered urgent.

Moreno’s comments took place on March 26 during a conference at the Blockchain Summit event of The Digital Chamber, an organization that promotes the acceptance and use of digital assets.

«I have been part of The Digital Chamber for 11 years, where at the beginning we gathered a small group of totally different people and now we are a fairly powerful force in Washington DC,» the senator also distinguished at the conference.

Moreno argued that «we must celebrate that, which has happened in a very short period of time.» «It’s an exciting moment,» he said in the face of the growing interest in Bitcoin.

Later, the senator stated in the social network X about his statements in the event that, «under the leadership of President Donald Trump, the United States will be the world standard for digital assets.»

The United States seeks to strengthen its position as the government with more Bitcoin

In tune to this initiative, Trump ordered three weeks ago to create a national cryptocurrency reserve, formed with those that the government confiscated of criminal cases has. The vast majority of these are from Bitcoin, with a total registered with 198,013 BTC.

With such quantity, The United States is the most bitcoin national government in the world (As the following graph exhibits), a position that could strengthen in case the law is approved so that BTC can buy. This is something that, as cryptootics reported, feeds bullish expectations for the market.

In the midst of this situation, different governments are evaluating whether Bitcoin Buy as a strategic asset for their reservations. This includes Germany, which last year sold the holdings of confiscations. Therefore, it is expected high volatility in Bitcoin prices depending on how these projects advance.