- Senator Cynthia Lummis is confident of a Bitcoin Act soon.
- Bipartisan support is needed to actualize the Strategic Bitcoin Reserve.
- Senator Lummis’ bill is consistent with Donald Trump’s Bitcoin target.
U.S. Senator Cynthia Lummis expressed confidence that the incoming Donald Trump administration could implement a strategic Bitcoin reserve within its first 100 days. Responding to a post about the proposal’s significance, Senator Lummis stated that bipartisan support and public backing could help achieve this goal.
The Wyoming Senator considers the Strategic Bitcoin Reserve a game-changer for the United States. According to her, a Bitcoin Act will be crucial in putting the U.S. on a sound financial footing.
Proposal Calls for 1 Million Bitcoin in Federal Reserves
A Bitcoin advocate noted that the crypto industry’s policy priorities remain pressing. However, he highlighted the Strategic Bitcoin Reserve as the most urgent, citing its potential to drive substantial change in the financial system.
Senator Lummis introduced the Strategic Bitcoin Reserve bill in July, proposing that existing funds from the Federal Reserve and the Treasury Department be used to purchase one million Bitcoin. If approved, the legislation would make the United States the largest nation-state Bitcoin holder, accounting for 5% of the total network’s value.
Read also: Senator Cynthia Lummis Introduces Strategic Bill: Bitcoin as a National Reserve
Notably, the Senator’s proposal aligns with the incoming President Donald Trump’s idea of the U.S. state holding Bitcoin in its reserves. Trump promised to create a “National Bitcoin Stockpile.” beginning with not selling the roughly 200,000 Bitcoins it currently owns.
A Bitcoin Act will go a long way in boosting the crypto industry’s outlook after enjoying an extremely bullish sentiment over the past week following Donald Trump’s victory in the just-concluded U.S. presidential election. Bitcoin price surged over 33% in one week, reaching a record $89,983.
Many crypto users believe the bull run is just beginning, considering Trump has not assumed office. Actualizing the Bitcoin Act could be the beginning of several developments that users could consider positive for the crypto industry.
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