Senator Cynthia Lummis Declares Plans for a U.S. Strategic Bitcoin Reserve

Senator Cynthia Lummis wasted no time in reaffirming her commitment to a U.S. Bitcoin reserve following Donald Trump’s recent election win. Hours after major networks declared Trump victorious, Lummis tweeted her plans to position Bitcoin as a national reserve asset. The timing could accelerate congressional support for this proposal, especially as the country seeks solutions for its mounting national debt.

Lummis first unveiled the Bitcoin reserve plan at the Bitcoin 2024 conference in Nashville, drawing support from crypto enthusiasts nationwide. During the same event, Trump voiced intentions to curb state-backed Bitcoin selling, a move cheered by crypto advocates. Following the conference, Lummis submitted official documents for the proposal, highlighting the potential role of Bitcoin in addressing economic challenges.

Republican Momentum Could Drive Proposal Forward

With Trump’s pro-crypto administration and a Republican-controlled Congress, Lummis’ plan may now find the traction it needs. According to Stand With Crypto, around 247 pro-crypto candidates won seats in the House, bolstering potential support for such legislation. Additional pro-crypto Senate seats could further aid the proposal’s journey into law.

If Trump and the GOP secure a legislative trifecta, the U.S. could potentially lead the way in formally recognizing Bitcoin as a national reserve. Such a move would mark a milestone in global financial history, as no other major power currently holds Bitcoin as a reserve asset.

Presently, the U.S. is the largest sovereign holder of Bitcoin, possessing roughly 203,239 tokens valued at around $12 billion, as reported by Arkham. This stockpile strengthens the country’s position in the crypto space, setting the stage for a strategic reserve that could reshape national finance.