U.S. Strategic BTC Reserve - The BITCOIN Act | Senator Cynthia Lummis

wouldn't, it, be, fun, if, the, US, is, buying Bitcoin, and, it, scares, China, and, Russia so, they, start, buying, Bitcoin, and, we, have an, arms, race, over, Bitcoin, instead, of over weapons, welcome, to, bankless, where, today we, explore, the, frontier, of, a, strategic Bitcoin, Reserve, this, is, Ryan, Johan, Adams I'm, here, with, David, Hoffman, and, we're here, to, help, you, become, more, bankless, so the, question, on, the, menu, today, what

would, it, look, like, for, the, US, to, build, a Fort, Knox, of, crypto, that's, the, place, in the, US, where, it, holds, all, of, its, gold and, what, if, we, filled, that, Fort, Knox, of crypto, with, 1, million, Bitcoin, 1, million Bitcoin, units, that, would, be, 5%, of, the the, uh, supply, of, all, Bitcoin, Dave, is laughing, here, but, this, is, actually, not, a crypto, fantasy, it's, almost, sounds, like, a fantasy, novel, that, we're, creating, but this, is, a, bill, an, actual, bill, authored by, Senator, Cynthia, lumus, and, she, says it's, the, only, way, to, solve, the, US's, 3, 5 trillion, debt, problem, and, she's, dead

serious, about, it, we, have, her, on, the podcast, today, before, you, say, there's, no chance, anything, like, this, could, pass like, understand, I, I, get, the, reaction, but I'm, not, actually, so, sure, a, few, points, of evidence, the, idea, of, a, strategic, Bitcoin Reserve, already, has, support, of, two presidential, candidates, including, Trump and, the, US, is, already, 20%, of, its, way, to the, 1, million, Bitcoin, Supply, it, already has, 20%, of, that, amount, and, also, the, cost of, this, might, be, just, a, small, small bookkeeping, change, with, with, treasury, in the, fed, and, a, little, bit, of, money

Printing, and, the, US, has, certainly printed, money, for, less, than this, regardless, as, to, whether, you, think that, this, has, like, no, shot, in, Hell, or maybe, it's, a, Hail, Mary, but, it's, just, not likely, to, to, happen, maybe, that's, what you, think, but, you, do, have, to, appreciate a, sitting, us, Senator, Senator, drafting, a bill, to, like, get, it, done, like, at, the, end of, the, day, regardless, that's, like, kind of, cool, the, fact, that, we're, having, this conversation, is, crazy, yeah, yeah uh, like, I, have, talked, Ryan, to, many, very

pilled, people, during, my, crypto, travels people, who, have, taken, the, Bitcoin, pill and, then, like, taken, five, more, uh, and just, have, like, have, taken, a, ton, ton, of Bitcoin, like, the, the, bitcoiners, and, like Cynthia's, up, there, like, she's, she's, very pilled, uh, she's, a, bitcoiners, bitcoiner and, she, also, happens, to, be, a, sitting, US senator, who, can, draft, legislation, and Garner, support, for, it, and, get, it, through so, in, 2024, you, got, to, kind, of, just, like appreciate, for, where, we, are, in, this, in this, part, of, crypto's, History, bankas

Nation, I'm, very, excited, to, introduce, you to, Senator, Cynthia, lamus, she, is, the, pro crypto, Senator, those, are, my, words, I don't, know, if, she, uses, those, words, but, I say, that, because, I, don't, think, that there's, anyone, in, the, US, Senate, who's, a stronger, crypto, and, Bitcoin, Advocate, she gets, the, absolute, highest, rating, on, the website, stand, with, crypto, she's, made over, 256, public, statements, about, crypto but, who's, counting, and, she's, the, author of, legislation, that, would, have, the, US purchasing, 1, million, Bitcoin, 1, million

Bitcoin, in, a, strategic, reserve, and basically, establishing, a, Fort, Knox, of crypto, Senator, lumus, welcome, to, bankless thank, you, Ryan, it's, great, to, be, with, you and, David, as, well, um, you're, in, Argentina I'm, very envious, uh, it, is, winter, there, uh, tell, us what, the, weather's, like, oh, it's, stormy, I had, to, run, home, and, and, I, got, very, wet if, being, from, Seattle, it, felt, like home, is, it, is, the, winter, like, there, or

the, prospects, for, weather, getting, any better, David, or, is, it, just, going, to, be like, this, entire, it's, coming, into Springtime, but, like, bonares, isn't, so, far south, that, there's, any, snow, uh, so, the winter, here, is, like, relatively mild, well, um, we, could, talk, about, some seasonality, with, respect, to, our, politics because, it, is, election, season, in, the, US you, like, that, segue, there, um, but, but first, Senator, lumus, I, think, we, want, to talk, about, this, big, b, idea, that, you, have and, this, legislation, you, put, forward, in in, a, bill, um, called, it's, called, the Bitcoin, act, and, uh, Bitcoin, stands, for

something, uh, of, course, the, the, like, I, I think, there's, an, acronym, behind, this somewhere, but, it, involves, establishing, a strategic, Bitcoin, Reserve, in, the, United States, so, I, want, to, talk, about, what, this bill, actually, contains, maybe, to, start but, before, we, get, there, why, did, you, put this, forward, what, what, is, this, all, about it's, about, our, nation, being, $35, trillion dollar, in, debt, and, having, no Solutions, one, of, the, things, that, made, me

run, for, the, US, House, uh, in, 2008, and, now again, uh, come, back, to, run, for, the, US Senate, is, my, concern, over, uh, having, the us, remain, the, world, Reserve, currency with, our, US, dollar, making, sure, that, we have, sound, money, making, sure, we, do, not debase, the, value, of, the, US, dollar, or, now that, we, have, gotten, a, grade, F, in, all, of

those, areas, how, do, we, fix, it, and, that's been, uh, an, ongoing, challenge, for, me, the only, thing, that, I, have, found, that rationally, addresses, the, US, debt, is having, a, Bitcoin, Reserve, so, here's, how it, would, work, we, take, old, certificates that, are, valued, right, now, at, their 1970s, value, they're, on, the, US government's, books, at, their, 1970s

value, uh, we, value, them, at, their, current value, a, gold, is, over, $2,400, an, ounce, and then, we, take, the, difference, between those, two, numbers, and, use, it, to, buy Bitcoin, the, Bitcoin, would, be, purchased over, a, 5-year, period, period, aggregating in, a, million, Bitcoin, that's, about, 5%, of all, the, Bitcoin, that, will, ever, be, mined and, then, we, put, it, in, Cold, Storage, put it, on, ice, and, we, let, it, accumulate, for

20, years, at, which, point, it, would, cut, our current, debt, in half, uh, so, it, allows, us, to, invest, in Bitcoin, with, no, effect, on, the, US, balance sheet, no, additional, debt, being accumulated, and, yet, it's, converting, what we're now, seeing, US, Dollars, being, debased, and continually, declining, in, value, and, it's

putting, it, in, Cold, Storage, on, an, asset that, is, growing, in, value, so, it's, finally it's, the, only, thing, I've, ever, seen, that addresses, our, US, debt, and, I've, been looking, for, this, my, entire, ire, career and, so, I'm, really, excited, about, it because, I, know, it'll, work, I, just, know it'll work, is, the, main, logic, here, Senator, lus that, um, we, have, a, bunch, of, gold, we, have the, most, gold, uh, out, of, anyone, in, the

world, and, you, are, just, saying, hey, let's diversify, from, physical, gold, into, also an, appropriate, and, balanced, amount, of, uh digital gold, well interestingly, we, can, do, this without, um, divesting, of, any, of, our physical, gold, we, keep, our, physical, gold it's, just, these, gold certificates, that, we, convert, to, current market, value, and, then, put, the, difference

in, Bitcoin, so, it's, it's even, it, yes, it's, a, diversifier, certainly it's, a, diversifier, but, the, great, news, is we, don't, even, have, to, sell, our, physical gold, to, do, it, and, it, doesn't, affect, our current, balance, sheet, so, it's, um, it allows, us, to, keep, these, two, hard, asset stores, of, value, one, of, them, is, physical gold, the, other, one, is, Bitcoin, which, is digital, gold, uh, and, we, hold, them, and, let

them, grow, in, value, now, what, we, know, is um, since, Bitcoin, was, created, um, its, um value, has, grown, faster, than, gold, and, I believe, that, will, continue, to, be, the case, although, if, you, look, at, people, who have, modeled, this, uh, over, time, it, its growth will, begin, to, decline, a, little, bit, in relation, to, its, first, 15, years, of existence, but, it, will, still, continue, to

grow, and, it's, going, to, be, a hard, asset, that, is, going, to, help, save, us from, ourselves, we, have, put, ourselves, in a, world, of, hurt, it, is unsustainable, what, we've, done, to ourselves, with, regard, to, the, US, debt, and so, while, we're, also, growing, this, hard asset, in, value, over, 20, years, it's helping, to underpin, the, US, dollar, uh, that, we're allowing, to, be, debased, so, it, it, kind, of

has, a, dual, purpose, it's, it's, really fascinating, so, it's, like, I, I, think, if, um listeners, are, wondering, like, where where's, the, money, come, from, uh, like, for this, you, know, I, I, want, to, just, maybe repeat, some, of, this, back, back, to, you, uh Senator, and, you, kind, of, confirm, this like, I, guess, I, was, looking, at, how, much gold, the, US, has, of, course, the, US, has, the most, gold, in, a, strategic, reserve, of, any country, in, the, world, um, by, a, lot, like over, 8,000, uh, you, know, metric, tons, uh, it appears, at, least, this, is, according, to google, maybe, the, US, has, some, other

stored, in, other, places, uh, and, what you're, saying, is, like, the, 1970s, Book value, of, a, lot, of, the, gold, certificates on, the, treasury, balance, sheet, and, of course, Book, value, is, just, like, I, guess something, arbitrary, it's, maybe, the, 1970s locked, into, the, 1970s, price, is, a, lot lower, than, the, market, value, of, those gold, certificates, and, so, all, we, have, to do, is, uh, reassign, that, market, value, to what, it, should, be, and, then, there's, this excess, difference, in, kind, of, like, uh

treasury, cash, let's, say, uh, that, we, can use, to, go, start, buying, some, of, the, 1 million uh, Bitcoin, Supply, that, your, Bill, calls for, 1, million, Bitcoin, right, now, at, like 60k, per, Bitcoin, at, the, time, of, recording is, about, uh, $60 billion, um, so, of, course, the, market, price will, will, fluctuate, particularly, if, the US, started, being, a, buyer, of, this, Bitcoin but, uh, some, some, of, the, the, funds, to, buy that, Bitcoin, are, sort, of, just, in, the Delta, between, the, book, value, of, gold

certificates, on, the, on, the, FED, treasury balance, sheet, and, the, actual, market value, that, gold, so, if, this, sounds, like printing, money, I, don't, know, is, that, what Treasury, and, the, FED, sort, of, does, like, I guess, in, a, way, it, is, but, I, I, don't, know if, you, have, any, Reflections, on, that, uh Senator, but, that's, kind, of, how, I understand, it, you, have, described, it, well that's, how, it, works, um, we, the, United States, already, has, uh around, 200,000, Bitcoin, so, let's, say, we

have, 5, years, to, get, to, a, million, we're already, complete, with, year, one, as, long as, the, Biden, Administration, doesn't, sell more, of, it, the, problem, is, they've, been selling, it, that's, the, stupidest, thing they're, selling, it, now, right, they've been, selling, over, the, last, few, months weeks, yes, and, it's, the, stupidest, thing they, could, do, they, need, to, hang, on, to the, money, that, is, in, the, asset forfeiture, program, uh, it's, over, 200,000 Bitcoin, uh, we, need, to, hang, on, to, it, and

then, add, to, it, uh, by, the, mechanism, you just, described, it, is, the, difference, or the, Delta, between, its, Book, value, and, the fair, market, value, of, gold, certificates yeah, if, if, you're, curious, on, that 200,000, uh, by, the, way, I, I, read, the, bull the, the, bill, in, its, entirety, I, don't, I don't, usually, read, bills, but, I, just, like wanted, to, be, informed, in, this, and there's, there's, a, section, in, in, the, bill that, says, basically, that, asset forfeiture, I, did, you, know, Bank, list listener, that, the, US, has, the, uh, the, most Bitcoin, uh, like, I, think, still, more, than

Michael, sailor, I'm, actually, not, sure, I mean, he's, got, he's, gotten, yeah, we're almost, equal, okay, 200,000, we, have, over 200,000, China's, got, I, think, 190,000, so they're, almost, as, big, as, we, are, that's right, and, and, the, the, the, way, the, US, and China, have, um, acquired, these, Bitcoin, are through, sort, of, um, asset, forfeiture right, so, there's, illegal, activities, of various, kinds, um, you, know, back, to, Silk Road, yeah, Silk, Road, drug, bus, all, of

these, things, they', requir, this, Bitcoin so, the, bill, basically, says, like, once, uh we, go, through, the, um, I'm, I'm paraphrasing, like, highly, here, but, once we, go, through, the, process, U, of, you, like due, process, in, the, court, system, and, we make, sure, that, this, doesn't, belong, to any, US, citizen, that, is, is, a, truly forfeited, uh, asset, seizure, according, to federal, law, then, we, just, take, that, and convert, that, and, put, that, on, um, the, US strategic, Reserve, balance, sheet, so rather, than, sell, it, as, we're, doing, right

now, we, we, just, keep, it, and, so, the, bill calls, for, a, halt, of, all, selling, and, to transfer, the, existing, uh, forfeited Bitcoin, into, the, um, the, Reserve, balance sheet, that's, is, that, correct, that, is correct, and, and, one, of, the, things, that, I thought, was, particularly, cynical, uh, when referencing, the, Biden, Administration, is uh, I, um, discussed, this, uh, specifically and, rolled, it, out, at, uh, Bitcoin, 2024, in Nashville, Bill, uh, president, Trump, came

in, and, advocated, for, what, he, called, a Bitcoin, stockpile, a, strategic stockpile, uh, Robert, F, Kennedy, spoke advocating, for, an, even larger, uh, strategic, Bitcoin, Reserve, than I, proposed, so, here, are, three, people, that are, definitely, uh, not, in, sync, with, the Biden, Administration, and, the, Biden Administration, doesn't, want, Trump, to, be elected, or, RFK, to, be, elected, uh, and, so

the, Monday, after, the, Bitcoin, 2024 announcement, the, US, sells, a, bunch, of Bitcoin, and, I, thought, it, was, actually cynical, enough, that, it, was, their, way, of saying, okay, Trump, okay, RFK, okay lumus, in, your, face, we're, gonna, sell Bitcoin, uh, today, and, uh, I, I, that, you think, that, was, intentional, or, or, that wasn't, just, a, coincidence, that, was actually, a, decided, move, I, don't, know, but

it, it, I, don't, know, but, but, there, there's some, discretion, in, terms, of, like, like, as as, you, point, out, some, of, this, 200,000 plus, um, Bitcoin, that, the, US, has, um, you know, that, has, been, forfeited, and, is, in US, custody, that's, been, around, for, a, long time, some, of, it, dates, back, to, kind, of like, Silk, Road, uh, Bitcoin, 2013, 2014, you got, it, so, there's, some, discretion, as, to when, you, sell, it, is, there, not, like there's, not, a, there's, not, a, a, set, of

laws, that, dictate, hey, you, must, sell within, X, years, it's, just, kind, of, sitting there, and, you, could, sell, it, whenever, you want, to, well, which, is, why, Ryan, uh, we wanted, to, address, that, in, the legislation, and, specifically, say, stop selling, put, it, in, reserve, and, add, to that Reserve, has, any, other, country, done, this would, the, US, be, among, the, first, I, mean well, you, know, El, Salvador, has, Bitcoin, of course, a, much, smaller, amount, uh, but, um

there, are, other, countries, considering, it there, are, other, states, that, are, doing, it one, of, them, is Louisiana, uh, and, I, was, talking, to Governor, uh, Jeff, Landry, over, the, weekend about, it, um, so, uh, there, are, um, States now, uh, either, through, their, Pension funds, or, other, asset, diversification goals, uh, that, are, that, are, buying Bitcoin, so, there's, States, and, by, by, the way, there's, a, section, in, this, bill called, like, voluntary, State participation, right, where, individual

states, can, kind, of, jump, on, this, and, and I, assume, because, you, know, part, of, the bill, we, haven't, talked, about, I'm, sure, we will, is, kind, of, the, setup, of, a, complete self-, custody, the, US, government, I, I, call this, kind, of, like, a, Fort, Knox, type, of, uh setup, environment, with, cold, storage, you know, um, Cutting, Edge, stuff, the, best, of the, best, and, I, assume, the, voluntary State, Pur, of, this, is, basically, States, if you're, Louisiana, if, you're, Texas, if you're, I, I'll, give, a, a, blue, state, if you're, California, you, can, go, uh, purchase

Bitcoin, and, then, maybe, store, it, in, in kind, of, the, the, the, S, the, custody situation, that, the, feds, have, put together, that's, correct, because, the, bill proposes, that, not, all, of, the, Strategic Reserve, would, be, in, the, same wallet, it, would, be, uh, diversely uh, distributed, uh, among, wallets, and, in in, different, regions, but, subject, to state-of-the-art, um, security, uh, so, uh, we

want, states, to, be, able, to, participate that, in, that, if, they, want, once, we, have established, state-of-the-art, security for, the assets, Senator, I, think, uh, all, the, bank list, listeners, and, even, myself, and, Ryan understand, and, appreciate, the, merits, and strength, of, Bitcoin, I, think, I, think, it's number, four, in, the, total, crypto, uh, total market, cap, of, all, assets, out, there, uh but, nonetheless, I, think, when, people, hear this, proposal, of, putting, Bitcoin, behind

the, global, Reserve, currency, of, the dollar, inside, of, the, FED, there's, like, a little, of, a, sticker, shock, with, that, uh it's, only, Bitcoin, is, only, 15, years, old there, are, companies, that, have, you, know similar, market, caps, to, bitcoin, that, are older, than, than, Bitcoin, like, we, could, be putting, apple, or, or, you, know, Microsoft as, uh, part, of, the, treasury, why, do, you think, Bitcoin, is, ready, for, like, the Federal, Reserve, level, prime, time, uh, like why, do, you, think, why, do, you, think, it's time, for, Bitcoin, why, why

now, well, Bitcoin, uh, is, not, issued, by government, it's, not, particularly regulated, by, government, so, um, as, a, asset backing, up, a, fiat, currency, that, the, US has, uh, it, has characteristics, that, make, it, in, many ways, a, harder, asset, than, say, a, US, Stock uh, like, apple, uh, and, uh, it, is, such, a

different, asset, from, the, US, dollar, from any, fiat, currency, uh, because, of, its scarcity, there, will, only, be, 21, million Bitcoin, ever, mind, uh, and, it, is, it's designed, to, be, a, hard, asset, it's designed, for, scarce uh, that, it, provides, a, certain underpinning, that, the, US, dollar, doesn't have, you, know, during, a, 22mon, period during, covid, the, United, States, printed more, dollars, than, had, ever, been, printed

in, the, whole, history, of, the, United States, uh, and, so, we've, proven ourselves, uh, incapable, of, disciplining ourselves, uh, when, it, comes, to, preserving the, value, of, the, US, dollar, we're continually, debasing, the, value, of, the, US dollar, by, printing, too, much, of, it, and, by spending, too, much, of, it, this, is, an, asset where, neither occurs, because, it, is, so, completely

distributed, and, so, divorced, of, a government, edict, uh, that, uh, it, is, a, true diversifier, what's, interesting, about this, too, and, let, let, me, know, if, this, is some, of, the, the, logic, behind, this Senator, David's, question, of, like, well, is it, too, early, to, do, this, at, at, there's, an element, and, we, know, of, crypto, holders right, we're, we're, all, here, early everyone, listening, to, bank, list, is, it's still, early, guys, um, it's, still, early, um if, you, wait, until, G7, countries, and, you

know, China, has, has, purchased, it, right then, it, doesn't, have, the, prospect, that you, opened, with, senator, of, kind, of reducing, the, 35, trillion, dollar, uh, hole that, the, US, is, in, right, you, you, you, wait until, Bitcoin, yeah, you, want, to, you, got to, be, if, if, you're, trying, to, uh, actually H, appr, have, the, value, acral, appreciate to, the, US, and, knock, out, this, 35, trillion dollar, um, debt, that, we, have, then, you have, to, be, on, the, front, side, of, this, or else, like, the, plan, doesn't, work, right, so

we're, talking, about, buying, at, you, know 60k, to, 100K, in, this, uh, kind, of, range, in hopes, that, all, of, this, this, Reserve, this 5%, this, 1, million, Bitcoin, what appreciates, to, like, 10, trillion, 15 trillion, or, something, like, this, like, you you, said, it, could, cut, the, um, the, $35 trillion, uh, you, know, debt, in, half, is, is that, the, expectation, here, the, the expectation, is, that, a, million, Bitcoin, 20 years, from, now, would, be, worth, $17 trillion, wow, and, that's, why, so, that's

that's, you, know, in, this, logic, why, you have, to, kind, of, be, first, I, noticed, in the, in, the, bill, too, there's, some, um, a provision, around, basically, forced holding, so, none, of, the, Bitcoin, that would, be, acquired, in, this, could, be, sold at, all, during, the, first, 20, years, is, that correct, I, believe, that, that's, how, we worded, it, uh, and, and, we, did, that specifically, so, the, uh, accounting, and math, associated, with, getting, to, that, 17 trillion, doll, number, plays, out, you, know if, the, United, States, starts, getting, in

the, cookie jar, uh, it, it, it, won't, play, out, it, won't work, it, had, in, order, to, be, as effective, as, a, reserve, um, it, it, it, must be, held, Buy, and, Hold, You, Know, Bitcoin, is designed, to, buy, and, hold, I, mean, the whole, term, hoddle, or, hold, on, for, dear life, uh, is, designed, to, encourage, people uh, to, to, buy, and, hold, this, was, never

designed, to, be, an, asset, for, day, Traders uh, it, always, had, the, incidence, of, Long Money, Slow, Money, uh, that, people, would learn, is, is, worth, hanging, on, to, um, so that's, part, of, the, original, even principles, of, Bitcoin, uh, and, so, to, um get, people, out, of, the, notion, of, thinking that, Bitcoin, is, just, a, a, different, type

of, asset, like, a, stock, and, you, can, day trade, it, and, buy, the, dips, and, you, know sell, at, the, highs, it, was, never, designed for, that, purpose, and, and, so, we're, trying to, statutorily Institute, the, original, purpose, of Bitcoin, which, is, as, a, as, slow, money, this is, so, fascinating, because, you, and, like we, are, uh, Bitcoin, Advocates, crypto advocates, in, general, so, to, like, don't don't, take, this, the, wrong, way, because, I I, mean, this, in, the, in, the, best, of, ways

like, this, is, an, idea, that's, almost, crazy enough, to, work, you, know, what, I, mean, like it's, just, like, the, way, sort, of, the, math uh, works, out, in, particularly, if, the, US is, behind, it, and, makes, this, level, of, a purchase, in, it, because, there's, uh, Ripple effects, when, the, um, the, global, store, of value, uh, the, governor, of, the, global store, of, value, which, is, you, know, the, US the, fed, and, the, treasury, basically starts, purchasing, this, asset, it, almost becomes, reflexive, enough, can, any, G7 country

AFF, to, not, purchase, Bitcoin, after, this wouldn't, it, be, fun, if, the, next, arms, race was, not, for, weapons, it, was, for, Bitcoin wouldn't, it, be, fun, if, the, US, is, buying Bitcoin, and, it, scares, China, and, Russia so, they, start, buying, Bitcoin, and, we, have an, arms, race, over, Bitcoin, instead, of over, weapons, that, we're, we're, as globally, we're, challenging, each, other, to have, a, secure, store, of

value, I, feel, like, they'd, kind, of, have, to if, the, US, did, this, I, can't, believe, that China, would, well, certainly, China, would not, continue, selling, the, confiscated Bitcoin, that, it, has, it, would, it, would I'm, I'm, sure, hold, that, and, maybe, it would, purchase, you, you, sort, of, have, to if, if, your, economic, adversary, is starting, to, um, store, all, of, this, value um, I, I, would, think, you'd, have, to, react by, you, know, like, purchasing, some yourself, so, let's, let's, play, this, out

I'm, curious, about, what, you, think, of, this uh, the, US, went, off, the, gold, standard, in 1971, completed, its, uh, departure, from, the gold, standard, in, in 1974, what, if, uh, during, this Century, um, we, go, back, on, a, standard, but it's, a, Bitcoin standard, and, so, we, have, yes, we, still have, our, gold, uh, but, we, now, have, in

addition, to, that, another, hard, asset, a digital, gold, Bitcoin, that, is, growing, in value, and, uh, can, underpin, the, US, dollar and, preserve, the, US, dollar, as, the, world Reserve, currency, that, needs, to, be, one, of our, goals, too, you, know, the, whole, world is, going, to, be, having, digital assets, uh, I, believe, in, your, lifetime, not in, mine, maybe, but, Ryan, you, and, David, are young, I, think, in, your, lifetimes, all

assets, are, going, to, be, digital, and, it's important, that, the, US, lead, in, this, area you, know, we've, always, been, the, innovator we've, always, been, the, leader, and, right now, we've, been, kind, of, hesitant, sitting on, our, hands, and, people, in, Congress don't, know, what, this, is, and, they, don't want, to, lead, that's, not, American, we always, lead, and, so, when, we, see, countries David, you're, in, AR, Argentina, big, you're you're, at, a, big, Bitcoin, conference, or, or

digital, asset, con, conference, it's because, the, world, is yearning, to, have, somebody, lead, in, this area, you, know, uh, the, European, Union's ahead, of, the, United, States, Singapore, is ahead, of, the, United, States, uh, we, the, US needs, to, lead, in, this, area, and, we haven't, done, it, for, some, reason uh, we, just, don't, have, our, act, together on, this, so, um, part, of, the, reason, I'm

trying, to, get, us, to, have, a, legislative framework, working, with, Senator, Kirsten Gill, Brandon, New, York, um, is, so, we, can lead, in, this, area, and, so, the, notion, of, a strategic, Bitcoin, Reserve, is, another, way to, lead, we've, always, been, the, country you, know, the, Louisiana, Purchase, B, in Alaska, um, the, United, States, has, always been, willing, very, good, Investments, I should, add, good, Roi, on, those, purchases we, grasp, Big, Ideas, and, this, is, just, an

area, where, where, we, have, blinders, on, we haven't, grasped, the, big, idea, and, it's time, for, us, to, do, that, we, have, a strategic, oil, Reserve, as, you, pointed, out we, have, Fort, KNX, we, have, strategic, gold assets, this, is, digital, gold, this, this, is even, more, of, a, hard, asset, than, oil, why would, we, have, reserves, in, those, assets and, not, add, the, most, formidable, Digital

hard, asset, on, Earth, and, that's Bitcoin, I, think, we, definitely, appreciate the, uh, Congress, people, Senators Regulators, who, have, the, foresight, to lean, into, this, industry, when, you, call this, a, strategic, reserve, and, like, you said, we, have, a, strategic, Reserve, about oil, so, we, don't, it, wouldn't, be, the, first strategic, asset, that, we, have, uh, but, when you, talk, about, uh, leading, being, first there's, there's, something, magical, about being, first, to, bitcoin, and, and, I, wonder like, how, important, is, being, like, the

first, government, to, actually, lean, into Bitcoin, like, like, I, said, like, you, could just, like, we, should, have, a, rest strategic, reserve, of, oil, but, like, we're not, first, to, that, how, important, is, being first, here, to, you, to, the, strategy, part of, the, Strategic, Reserve, like, how, much magic, would, be, lost, if, we, were, like third, or, fourth, in, your, opinion, well certainly, we, would, lose, the, advantage, of being, the, first, first, world, country, uh to, start, accumulating, Bitcoin, at, a

price, uh, that, is, the, the, lowest, it's ever, going, to, be, in, the, long, run, um, and so, we, have, a, strategic, advant, advantage in, that, we, are, buying low, um, and, furthermore, um, it, is, our, way of, acknowledging, that, this, digital economy including, what, the, the, what, constitutes money, what, constitutes, a, store, of, value and, a, means, of, exchange, are, part, of, that

digital, economy, in, fact, the, first, part of, the, digital, economy, and, the, first utilization, of, Bitcoin, uh, or, rather, the blockchain, uh, that, um, launches, this whole, new, web, 3, um, nobody, right, now would, say, gee, I, wish, we, would, have, uh waited with, adopting, the, internet, until, four, or five, other, countries, adopted, the, use, of

the, worldwide, web, and, the, internet, we saw, that, it, was, going, to, be, a, game changer, and, we, let, it, run, we, didn't interfere in, its regulatory, um, life, uh, until, later, now we're, crapping, now, we're, grappling, with privacy, considerations, and, and, such, on the, internet, but, initially, the, potential of, the, internet, was, sort, of, recognized