Sen. Cynthia Lummis' bill lays out a pathway for the U.S. to hold bitcoin and gives states the option to do so as well, according to a draft copy obtained by The Block. 

The bill is called the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024” or shorthand, the "BITCOIN Act of 2024," according to a draft version. 

"Bitcoin, as a decentralized and scarce digital asset, offers unique properties that complement existing national reserves, strengthening the position of the United States dollar in the global financial system," according to a copy of a draft version of the bill. 

The bill creates a "Bitcoin Purchase Program" that will buy no more than 200,000 bitcoin a year over a five-year period, amounting to 1 million …