In a significant step toward creating a US Strategic Bitcoin Reserve, Senator Cynthia Lummis recently met with new Treasury Secretary Scott Besent, according to a recent report. Social media sharing On X (formerly Twitter) where Loomis expressed optimism about Bessent’s potential support for digital assets, especially BTC.
Trump rings the bell for cryptocurrencies
This meeting comes shortly after President-elect Donald Trump rang the opening bell at the New York Stock Exchange (NYSE), where he emphasized the need for the United States to take decisive action on cryptocurrencies.
in interview “We’re going to do something great on crypto because we don’t want China to get ahead, or anyone else,” Trump told CNBC host Jim Cramer, underscoring the urgency of the matter.
Senator Lummis echoed Trump’s sentiments and offered her help, saying on X (formerly Twitter), “I stand ready to help you make this a reality.” Loomis has been a long-time advocate of Bitcoin, likening the current scenario to a “space race” and placing it as a competition that America must win.
Many Bitcoin supporters agree with its vision, and see the creation of a project Strategic reserve As it is necessary to confront the economic deterioration that the United States has imposed on other countries in recent decades.
However, this push for Bitcoin reserves has not gone unchallenged. Some members of the Bitcoin industry argue that while the goal is laudable, the approach may be misplaced.
They point out that the US government has seized more than $1 billion worth of Bitcoin, but the focus appears to be on creating a strategic reserve rather than addressing policies that would prevent aggressive seizures of assets.
One industry leader, speaking anonymously, commented: “We’re missing the mark by a mile. Shouldn’t we be protecting our rights instead of focusing on the loot?”
Lummis’ Bitcoin bill received bipartisan support
In July, Loomis introduced a bill aimed at using existing government funds to purchase 1 million bitcoins. Initially, the bill received support primarily from Republican lawmakers Bipartisan supportparticularly from Democratic Congressman Ro Khanna, who is calling for the United States to keep the Bitcoin it has seized as a strategic reserve asset.
The adoption of Bitcoin by nation-states could spark a digital gold rush, which could reduce the trend toward physical gold ownership. US policymakers may leverage bitcoin as a strategic tool to counter efforts by countries like China and Russia, which are increasingly moving away from the US dollar and toward precious metals.
While the future of the US Bitcoin Strategic Reserve remains uncertain, the initiative signals a willingness to embrace it Technological innovation. For many Americans, this represents a shift toward a forward-thinking administration.
At the time of writing, the market-leading cryptocurrency has reclaimed the $101,420 level, registering a 1.5% increase on the weekly time frame.
Featured image of DALL-E, chart from TradingView.com
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