Recent events have fueled speculation about the creation of a US Strategic Bitcoin Reserve (SBR). Let’s break down what’s happening.
A Deleted Tweet and Secret Meetings
Senator Cynthia Lummis and Eric Trump reportedly met to discuss the SBR. Eric Trump retweeted news of the meeting, then quickly deleted the tweet. This secretive behavior has only intensified speculation. Was it a deliberate attempt to avoid market manipulation before an official announcement?
The Bitcoin Act and its Progress
Senator Lummis introduced the “BITCOIN Act” in 2024, proposing the US Treasury acquire 1 million Bitcoin over five years. While details are scarce, her office is actively working to overcome political hurdles. Interestingly, she also met with former President Trump recently.
Ulbricht Pardon Fuels the Fire
The recent pardon of Ross Ulbricht, the founder of Silk Road, has further boosted SBR speculation. President Trump had previously hinted at using seized Bitcoin for a national reserve. The pardon is seen by many as a sign that the SBR plan might be next. Odds of an SBR on prediction markets have jumped significantly following the pardon.
Experts Weigh In
Several prominent figures in the crypto space have shared their opinions:
- David Bailey, CEO of BTC Inc, expects executive orders related to Bitcoin and crypto soon, and believes the SBR is likely within the President’s first 100 days.
- Anthony Pompliano, CEO of Professional Capital Management, is confident the SBR will happen following the Ulbricht pardon.
- Brian Armstrong, CEO of Coinbase, believes President Trump is enthusiastic about a Bitcoin reserve, highlighting that the US already holds reserves of various assets, and Bitcoin should be among them.
What Does it All Mean?
The combination of secret meetings, legislative efforts, a presidential pardon, and positive comments from industry leaders has created a buzz around the potential for a US Bitcoin Reserve. Whether or not this actually happens remains to be seen, but the possibility is certainly generating considerable excitement (and speculation). At the time of writing, Bitcoin was trading at $105,382.
