The 'Bitcoin Act' proposes the creation of a U.S. strategic Bitcoin reserve.
One of the aims is to address the national debt (just ticked over $36 TRILLION USD).
It aims to acquire 1 million Bitcoin over 5 years, with the reserve held for at least 20 years (similar approach to gold reserves).
The bill would involve REVALUING gold certificates, to help fund the move. This would be quite interesting, because the U.S. Treasury values gold certificates at a statutory rate of $42.22 per troy ounce of gold. This price has been fixed since 1973 and doesn't change with the market prices (currently gold trades just under $2,700!!).
Meanwhile, China's buying up even more gold...
...probably nothing ;)
