Bitcoin is hot, and it’s not just the federal government that’s interested.
Following President Trump’s election, the idea of a “Strategic Bitcoin Reserve” has gained major traction. This means the US government would hold a significant amount of Bitcoin, aiming to put the country at the forefront of crypto adoption.
Trump’s Vision:
President Trump has publicly stated his support for Bitcoin, even suggesting it could be used to pay off the national debt. He’s committed to keeping any Bitcoin currently held by the government.
Senator Lummis Leads the Charge:
Senator Cynthia Lummis has been a vocal advocate for a Bitcoin reserve, pushing the “BITCOIN Act of 2024” which would direct the Treasury to buy 1 million Bitcoin over five years.
States Join the Movement:
But the Bitcoin buzz isn’t limited to Washington D.C. Lobbyist Dennis Porter, CEO of the Satoshi Act Fund, says multiple states are planning to introduce their own Bitcoin reserve legislation in 2025. He’s working with lawmakers across the country to develop model policies.
Challenges and Skepticism:
While there’s a lot of excitement, a national Bitcoin reserve faces significant hurdles. It would require major legislative changes and regulatory approval. Betting markets aren’t convinced it will happen, with only a 33% chance of a national reserve by April 2025.
The Future of Bitcoin:
Despite the challenges, Senator Lummis remains optimistic. She believes a Bitcoin reserve would help reduce the national debt and put the US in a stronger position globally.
Big Impact:
Anthony Scaramucci, a prominent investor, believes a US Bitcoin reserve would force other countries to follow suit, leading to a major shift in the global financial landscape.
Bitcoin’s Price:
At the time of writing, Bitcoin is trading at $75,952.
