Key Points
- Senator Cynthia Lummis plans to establish a strategic Bitcoin Reserve in the U.S. after Donald Trump’s presidential win.
- The proposal positions America’s $12 billion Bitcoin stockpile as a potential solution to the nation’s rising debt crisis.
Senator Cynthia Lummis has reiterated her intentions to form a strategic Bitcoin Reserve in the United States. This announcement came just hours after Donald Trump was declared the winner of the presidential election.
The Acceleration of a National Bitcoin Reserve
The progression towards a national strategic Bitcoin reserve could be expedited with the Associated Press, Fox News, and NBC announcing Donald Trump as the presidential race winner. In a tweet on November 6, Lummis reminded the public of her plans to classify America’s $12 billion Bitcoin stockpile as a reserve asset and a possible solution to the country’s escalating debt crisis.
Lummis first shared her Bitcoin plans at the Bitcoin 2024 conference in Nashville in July. At the same event, Trump expressed his plan to end state-backed Bitcoin selling, a move lauded by cryptocurrency enthusiasts.
Official Proposal for a Strategic Bitcoin Reserve
After the conference, Lummis presented official documents for a Strategic Bitcoin Reserve and put forward the proposal for review. Shortly thereafter, thousands of U.S. citizens expressed their support by signing letters and petitions.
A Republican-dominated Congress could potentially propel this bill towards becoming official legislation. According to Stand With Crypto, 247 pro-crypto candidates secured seats in the House of Representatives, with several other Senate seats still up for grabs.
Should Trump fulfill his crypto promises and Republicans attain a legislative trifecta, the U.S. could be the first significant global power to acknowledge Bitcoin as a national reserve asset. At the time of writing, the U.S. was the largest sovereign holder of Bitcoin, possessing 203,239 tokens, as per Arkham’s report.