Senator Lummis is back with her strategic Bitcoin reserve bill, the “Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide Act,” or BITCOIN Act. This legislation, which aligns with a recent executive order from President Trump, aims to establish a Strategic Bitcoin Reserve to fortify the American balance sheet. The bill had initially been proposed in July 2024 and has undergone minor alterations since. The plan includes the creation of a decentralized network of Bitcoin vaults managed by the U.S. Treasury and a program to acquire 1 million BTC over a predetermined period. This would approximate a 5% stake in the total Bitcoin supply, mirroring the amount of gold reserves held by the United States.

Blockchain scaling company StarkWare is also making waves in the crypto sphere by setting up its own “Strategic Bitcoin Reserve”. CEO and co-founder Eli Ben-Sasson did not disclose the exact amount of Bitcoin that the company holds or plans to acquire, but emphasized, “we put our money where our mouths are”. StarkWare, the main contributor to Ethereum’s Layer 2 Starknet, has in recent years increasingly invested time and resources into Bitcoin research.

Meanwhile, Crypto asset manager Bitwise has launched its Bitcoin Standard Corporations ETF (OWNB). This tracks companies holding at least 1,000 BTC in their treasury. Additionally, Cboe BZX Exchange has filed a form with the Securities and Exchange Commission seeking permission to allow staking in Fidelity’s spot Ethereum ETF (FETH).

Lastly, Taproot Wizards, the Bitcoin Ordinals project, is set to hold its first public sale of its Wizards NFT collection on March 25. The sale will include 2,121 NFTs, and will exclude 13 honorary Wizard images that resemble notable figures in the crypto world.

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Taproot assured to enhance several things for the network comprising smart contract functions and privacy features. These changes will cause decreased fees and better wallet functionality for intricate transactions. Taproot is the latest upgrade that will enhance the capacity of Bitcoin for scripting. It bring together with opposite blockchains such as Ethereum that contain programmable smart contracts already.

Better smart contracts

These are programs contains a blockchain that operate after fulfilling the predetermined conditions in various platforms like Neteller. In simple words, they are essential to power nonfungible tokens (NFTs) and decentralized finance applications. The Bitcoin ecosystem uses smart contracts at present; however, they are digitally ineffective on the platform. It is time-consuming, expensive, and restricts the number of dealings on the Blockchain system. But, with the Taproot upgrade, numerous trades or transactions could performed to a Bitcoin system. They can be jumble under a single transaction and can be helpful to stream different applications. Like, allowing transactions to occur from various parties to a single wallet. That will be expected to cause a boost in daily usage for Bitcoin.

Cheaper transactions

Currently, the Bitcoin system can deal with approximately 4-5 transactions per second, plus the charges for each transaction can increase to$75 or more. There is no clarity on know many cost-effective transactions will be in the Taproot upgrade. However, the upgrade ensures to make the transaction cost cheaper.

More Privacy

Since people are adopting crypto all over the world, the requirement for privacy has also increased. Blockchain-based systems should make it harder to track transactions depending on public wallet addresses. Hopefully, the Taproot upgrade focuses on boosting privacy for specific transactions.

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