Introducing Congressman Nicholas Begich, An OG Bitcoiner

Last Tuesday, Congress member Nick B. Beach presented Bitcoin Act for 2025 To the US House of Representatives. He announced that he would do this at the Bitcoin for America.

The draft law, a revised version of the draft law submitted by Senator Senteya Lomes (R-WY) to the Senate last year, states that the United States government gets 1 million bitcoin Bitcoin strategic reserves It protects the right of American citizens to bitcoin nursery.

When Representative Begrich spoke about the importance of the bill at the summit, she got the impression that he was behaving more than a mere opportunism, and the politician simply looks while bitcoin is a hot topic in the United States government, but as a person who has already a deep understanding of Bitcoin.

It turns out, I was right. He kept his bitcoin member in self -reservation more than 12 years ago, and he greatly understands the importance of American citizens who are legally allowed to do the same. Moreover, it is believed that in the era of “unlimited bureaucracy” and reckless spending, it is important for the American government to retain Bitcoin, because it will serve as a successor to our financial system.

On a personal level, when did you first start seeing the value in Bitcoin?

In late 2012. I was reading an article on Slashdot.org With regard to the next bitcoin and embrace, and my attention is placed. I started drilling further and decided that I wanted to learn more about how this digital assets worked. Therefore, I reduced $ 100 to Gox, and I bought seven Bitcoin. After that, I moved them to a private portfolio. I wanted to understand the work of Bitcoin, because I own a software development company and spent 20 years in technology as a profession before coming to Congress. This was just interesting to me.

So, you just met your curiosity?

Yes, but also, after two days, I called business partners and told them that I thought Bitcoin could become a really big thing. They have never heard of it. I said, “I will take $ 5,000, and I will buy Bitcoin.” I took this money from our software work and I bought more Bitcoin on MT. Gox. We ended with 440 bitcoin. Therefore, when the stock exchange, of course, was a huge disaster, because all this bitcoin was still on the stock exchange. We have found each other and put a group together to employ a lawyer in Japan. We were one of the creditors who successfully submitted to the courts. Japan changed the type of bankruptcy from liquidation to civil rehabilitation, allowing creditors to receive part of Bitcoin.

Did you get some of them at that time?

In the end, I sold our company’s claim fort. But I still carry the original seven Bitcoin.

What was the power of your motivation in bringing the Bitcoin Law to the house last week?

For years, I believed that the United States government should have a bitcoin strategic reserve. The reason I think it is important that when you look at the world of reserve assets available, the lion’s share can be printed from the will by a central authority. As a natural result of gold, Bitcoin reminds us that there is value in scarcity, and rare assets are the types of assets that belong to the reserve because it is the defense against the irregular bureaucracy. What we have seen not only in the past few years, but in the past few decades, is a federal government that prints dollars to solve problems. In doing this, greater problems were created. That is why keeping the gold we have held throughout these years is very important, and for this reason it will go forward in Bitcoin forward as well. Both provide us with a financial source of a rare resource that cannot be created by an executive procedure or a procedure in Congress, which imposes discipline on the financial system. Congress has not proven sustainable ability to impose financial discipline and maintain the government in its constitutional neighborhood. As a result, mathematics will not eventually add. The United States cannot maintain the debt ratio to GDP by 125 %. The United States will not be able to continue the deficit in the levels that we have over the past few decades. Our golden reserves and the future Bitcoin reserves provide the United States and its people with a backup mechanism in the event of the collapse of the debt -based FIAT system.

In your mind, what is the possibility that the Bitcoin law becomes a law?

The possibility grows, and the reason I think is because there are more people in Congress today understand what Bitcoin is more than ever, B) There are more people in Congress today who only understand how dangerous our debts and our current inability, and C) There is an increasing awareness among the audience that carries rare origins in addition to gold is a matter of national strategic reserve. For these three reasons, the time is correct. Seeing the number of perceptions that were already came from the Senate and the Council is encouraging. I will tell you that there is great interest among others in Congress who has not yet decided to learn more about legislation and how it could be a successor to the United States.

The draft law states that the government must obtain a million Bitcoin – 5 % of the offer – over the next five years, which was also mathematics in the initial version of the draft law. Why five years and why 1 million Bitcoin?

If you look at the total amount of gold held in the reserve by the central banks in relation to the total offer of gold, it is estimated at 5 % to 15 %. Therefore, as a backup asset, this area is from 5 % to 15 % for the Global Central Bank of Group logical. The reason that five logical years is that what you do not want to do is to provide a shock of demand for a system that causes short fluctuations to the middle of the period. It is also important to remember that the United States government is not a day circulating. He realizes that he must be systematic, thoughtful and predictable in the way this original acquires. For this reason, I think the five -year period is to be one year or 18 months more appropriate.

The draft law also provides for the establishment of the United States Proof of reserves system. Does this seem like an El Salvador system on the reserve system, in which the government’s Bitcoin address is publicly?

100 %. Yes. One of the challenges we faced with Fort Nox is that there is no way for the audience to check the reserves, so you will hear people often say they do not think we have the gold that we say we do or maybe we have more than we say. There is no way for the United States to know with confidence that the United States has the gold it says. Bitcoin provides us with mechanisms to prove continuous reserves so that every citizen from the United States can know the fact that we have bitcoin we say to us.

What do you imagine to be the design of the cold storage preparation for the United States?

The draft law determines that these technical regulations and practices will be developed in consultation with industry experts, which I think is appropriate. However, based on my own experience with Bitcoin, I think it is very important to talk about cold storage, and B) We are talking about thousands of separate cold storage portfolios. It is also important to keep the keys to these portfolios in different material sites, and to use the SHAMIR backup system, which is a mechanism where you have, as long as you have two pieces of three of the key, you can reassemble the key. What you don’t want is to have a full key in one material location, because, if it is at risk, someone will be able to reach that wallet. You want a various major strategy so that you need to re -assemble the keys from multiple material sites for each individual portfolio. This is the safest cold storage solution that he realized.

The bill also protects the right of American citizens to bitcoin nursery. In your mind, why is self -incubation very important?

It is important because if you looked back at what the United States government did with gold in the early twentieth century with executive order 6102, they have nationalized the original. You are not allowed to own gold outside the jewelry. They mainly confiscated people’s wealth. We do not want to see a repetition of that in the United States, whether it is gold or anything else. I believe that continuing to guarantee the public in the law that we have a basic right to custody of our self is to reformulate our constitutional rights.

Are you familiar with Samurai wallet and Hurricane criticism Cases, what are the cases in which developers may be presented to the experiment to create and maintain bitcoin mixers and encryption?

I am not aware of them. I know what are the mixers, but I don’t know about the Samurai wallet. The mixers were present for a long time.

Yes, they have. What are your thoughts about it?

Well, I think the question is: “Where do you paint the line on the basic layer and subsequent layers?” If you are thinking about Bitcoin for other encrypted currencies, Bitcoin has unique properties as a value store. While other cryptocurrencies like Ethereum have multiple layers in which the logic of restrictions can be applied. In my view, you do not want to have restrictions on baked transactions in the basic layer of a valuable coded store such as bitcoin because it allows central control of authority, which mainly defeats the fungi side of it.

Do you have any final ideas you want to share?

I am excited about this legislation. I think it is important for the nation. And I look forward to the Bitcoin community to be an advocate with members of Congress and members of the Senate. I am one person. Senator Lomes one person. Our cosponsors. This is amazing. But we need a bitcoin community to continue educating and informing the rest of Congress so that we can transfer this legislation to President Trump’s office, where he can sign it in the law.