ColdFusion discusses the Bitcoin Act of 2024. The word Bitcoin is an acronym for Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide.
The Bitcoin Act directs the Department of the Treasury to purchase one million Bitcoins over a five-year period and move existing Bitcoins to the Treasury. It also mandates the purchase of 200,000 Bitcoins per year for five years for a total of one million Bitcoins. The one million Bitcoins would be held by the Treasury for at least 20 years.
The US government would sell Gold Certificates to buy the Bitcoin. The US government has a stockpile of about 8,133 metric tons of gold. The gold held by the US government is estimated to be valued at $11 billion in total and has been stuck at that value since February 12th, 1973. The actual market price of gold would make the US holding worth approximately $775 billion.
