After the election of Donald Trump as the 47th President of the United States, the creation of a “strategic Bitcoin reserve” emerged as a pivotal topic. The proposal, which was advocated prominently during Trump’s campaign, aims to put the United States at the forefront of Bitcoin adoption and financial innovation globally.
During the Bitcoin 2024 conference in Nashville held in July, President-elect Trump pledged to keep all bitcoins currently owned or acquired by the US government. He explained his vision in an interview with FOX Business, saying: “Who knows, maybe we’ll pay $35 trillion, hand him a little check in crypto, and we’ll hand him a little bitcoin and wipe out our $35 trillion. (…) It’s a different form of currency, and it will benefit The country ultimately (…) If we do not embrace it, other countries will embrace it.”
On November 6, Republican Senator Cynthia Lummis reaffirmed her commitment to creating a strategic reserve through the Bitcoin Act of 2024. In X’s letter, she said: “We will build a strategic reserve for Bitcoin.” The legislation proposes directing the Treasury Department to acquire 1 million bitcoins over five years and create secure vaults operated by the Treasury.
US proposes Bitcoin reserve bills in 2025
In parallel, lobbyist Dennis Porter, CEO and co-director of the Satoshi Act Fund, did so Shown The momentum to create BTC reserves is expanding beyond federal initiatives. “I’ve spoken to pro-Bitcoin lawmakers around the world,” Porter commented on Thursday. “You wouldn’t believe the level of excitement the US is leading on Bitcoin. When the USA leads on Bitcoin, it enables lawmakers around the world to push Bitcoin to… Forward. is very optimistic about global Bitcoin adoption.”
He also confirmed: “Breaking news: I can confirm that in 2025, several states will have Bitcoin Strategic Reserve legislation. This will be in partnership with the Satoshi Act Fund which is formulating model policies including the Bitcoin Strategic Reserve Policy.
BREAKING: I can confirm that in 2025, many states will have Bitcoin Strategic Reserve legislation.
– Dennis Porter (Dennis_Porter_) November 7, 2024
Porter continued to amplify these developments on Friday, November 8, saying: “BREAKING: I can confirm that additional state legislators have reached out to me today asking for help in passing the Bitcoin Strategic Reserve after they won the election. Tag your state legislator below if you You want your state to join the Strategic Bitcoin Reserve movement and added shortly afterward: “Update: Keep pointing out that we had another state legislator joining the SBR movement!”
Despite growing advocacy, establishing a national bitcoin reserve entails significant legislative and regulatory challenges. The feasibility of this initiative remains uncertain, with current betting markets reflecting skepticism. For example, Polymarket’s odds on the question “Will Trump create a national Bitcoin reserve?” By April 29, 2025, 33% vote yes.
However, Senator Loomis remains A steadfast supporter of the initiative. “The Bitcoin Strategic Reserve will allow the US to address a significant portion of our debt + strengthen our hand. Check out ‘Currency Wars’ for a good primer on the ‘stupid games, stupid jackpots’ cycle we’re in. Let’s break this cycle and refocus on a prosperous future for Americans,” Loomis said Thursday via X.
I engaged with Anthony Scaramucci, founder of SkyBridge Capital and former White House communications director under Trump, who said: “It’s time to focus on something the market doesn’t quite understand: by the middle of next year if Senator Lummis can achieve her goal.” The United States will have a strategic Bitcoin reserve. It will force other central banks to follow suit. “That would be huge.”
At press time, Bitcoin was trading at $75,952.
Featured image created with DALL.E, a chart from TradingView.com
Comments are closed, but trackbacks and pingbacks are open.