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While the price of Bitcoin is hovering just below its all-time high on December 17, US Senators Cynthia Lummis and Eric Trump reportedly met at the Capitol yesterday to discuss the idea of creating a US Strategic Bitcoin Reserve (SBR). Bloomberg’s Stephen Dennis broke the news, while Swan, a cryptocurrency-focused platform, highlighted Eric Trump’s now-deleted retweet about the meeting.
Once Eric Trump retweeted Swan’s post referring to conversations with Senator Lummis about SBR, he pulled it without explanation. “What’s brewing behind the scenes?” Swan inquired in a subsequent tweet, suggesting that the quick deletion may indicate caution at a high level, perhaps to avoid making a formal announcement in advance.
Developed by: Eric Trump RT’d @SwanA blog post about his meeting with Senator Loomis about American strategy #Bitcoin Book it – then delete it quickly.
What’s brewing behind the scenes? 🤔 pic.twitter.com/E7nqbieNIQ
– Swan (@swan) January 22, 2025
This latest buzz comes after Senator Lummis unveiled the Bitcoin Act of 2024 last year, a legislative proposal to officially create a US Strategic Bitcoin Reserve. Officially known as the Enhancing Innovation, Technology, and Competitiveness Through Optimal Investment Nationwide (BITCOIN) Act, the bill sets out a plan for the US Treasury to acquire 1 million bitcoins over five years, financed by reallocating existing resources within the Federal Reserve System and the US government. . Ministry of Treasury.
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While details remain scarce regarding the progress of the legislation, sources indicate that Loomis’ office is working hard to navigate the political and logistical complexities involved. Notably, Senator Lummis also met with former President Donald Trump over the weekend. “Senator Lummis and I had a great time speaking with President Donald Trump this morning,” Senator John Barrasso revealed via X. Wyoming is ready for Inauguration Day tomorrow!
Bitcoin reserve rumors intensified with Ulbricht’s pardon
The idea of an SBR gained renewed momentum after President Trump’s pardon of Ross Ulbricht yesterday. Analysts point out that during the 2024 conference, Trump floated the idea of transferring Bitcoin seized by law enforcement into a national stockpile. Now, with the amnesty promise fulfilled, many in the community are wondering whether the SBR plan could be next on the administration’s agenda.
On the Polymarket prediction platform, probability The impending SBR rose from 28% to 44% after news of the pardon emerged. These odds once reached 59% on Inauguration Day. Recently, this percentage dropped again to about 28%, only to rise again after Ulbricht’s release.
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The crypto analyst known as the “Byzantine General” expressed optimism, posting on X: “The fact that he kept his word with Ross is a good sign IMO that he will continue to support crypto.”
David Bailey, CEO of BTC Inc, who was instrumental in turning Trump into a Bitcoin supporter, He added to speculation, noting: “Tonight is all about Ross but I’m going to share this because I’m getting a lot of questions: I still expect offshore coins dedicated to Bitcoin + Crypto in the coming days. I don’t know what they’re saying or when exactly they’ll drop. I also fully expect the President to fulfill the SBR report in His first 100 days.
Anthony Pompliano, founder and CEO of Professional Capital Management, posted a similarly confident opinion: “If Ross Ulbricht gets a pardon, we will definitely get the Bitcoin Strategic Reserve. Trump will make history with the stroke of his pen.”
In a separate discussion at the World Economic Forum, Coinbase CEO Brian Armstrong was asked about President Trump’s position on creating a US Bitcoin reserve. Armstrong He said:
“Well, I haven’t talked to him about it specifically, but I think he’s excited about it. I mean, he really wants to be the first president of Bitcoin. I think Cynthia Lummis in the Senate is actually the one leading this legislation around a strategic reserve of Bitcoin. And I think she’s Good idea, the United States actually has reserves of many things, like gold and oil, and I think it includes 27 different rare metals like palladium and all of these things and so, you know, I think the world is moving towards a Bitcoin standard for money that they should definitely hold up . He should Any government that holds gold should also hold Bitcoin in reserve.”
At press time, Bitcoin was trading at $105,382.
Featured image from YouTube, chart from TradingView.com