Bitcoin Reserve Proposal Gains Ground with Bipartisan Support

Senator Cynthia Lummis is working to introduce legislation that would position Bitcoin as a key asset in the U.S. financial system.

The bill proposes that the U.S. gradually acquire 1 million Bitcoin over five years, using current financial resources from the Treasury and Federal Reserve, without the need for new taxes. Lummis is rallying support from both sides of the aisle in the Senate to pass this measure, highlighting Bitcoin’s potential to strengthen the economy and serve as a hedge against inflation.

Lummis is not alone in advocating for Bitcoin’s role in national reserves. Several states, including Utah, Ohio, Montana, and Florida, are pushing forward with their own plans to create Bitcoin reserves at the state level. With her experience as Wyoming’s former state treasurer, Lummis believes that states will likely take the lead in adopting Bitcoin reserves before the federal government. These initiatives, she argues, are vital for states without the ability to print money, helping them ensure financial stability.

The concept of a Bitcoin reserve is also gaining attention beyond the U.S., with various political figures, including those from the Trump administration, showing interest. Lummis emphasized that key individuals within the administration, such as potential nominees for Treasury Secretary and the SEC’s digital assets division, are favorable to the idea. Despite some setbacks under previous leadership regarding crypto regulation, Lummis remains determined to push for fair treatment of Bitcoin and other digital assets.

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With growing momentum for Bitcoin reserves across multiple states and increasing bipartisan support in Washington, Lummis is confident that the proposed Bitcoin reserve will not only bolster the U.S. dollar but also solidify Bitcoin’s place as a critical asset in global finance.

Alexander Stefanov