Cynthia Lummis Reiterates Plan for a Strategic Bitcoin Reserve in the U.S.

Wyoming Senator Cynthia Lummis has reaffirmed her commitment to establishing a strategic Bitcoin (BTC) reserve for the United States. This initiative comes in the wake of recent Republican victories in the Senate, particularly among legislators supportive of digital assets.

Advancing the Strategic BTC Reserve Bill

In a post on X on November 6, Lummis expressed her determination to build a strategic Bitcoin reserve. She aims to advance legislation she introduced earlier this year. Her proposal, known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act (BITCOIN), seeks to direct the U.S. Treasury to acquire one million BTC over a five-year period.

The bill emphasizes long-term investment in Bitcoin, mandating that the cryptocurrency be securely held for at least 20 years by government agencies.

Lummis' Ongoing Support for Crypto

Since her election to Congress in 2021, Lummis has been a vocal advocate for cryptocurrency. Although she was not on the ballot in the recent elections, she actively supported blockchain initiatives throughout the 2024 campaign. Her proposal for a Bitcoin reserve is inspired by an idea presented by President-elect Donald Trump during the 2024 Bitcoin conference in Nashville, where he suggested that the government should stop selling seized BTC and instead create a strategic stockpile to enhance the U.S.'s position in the crypto sector.

Legislative Outlook

The future of Lummis' proposal remains uncertain as it navigates the legislative process. However, her confidence in the passage of the BITCOIN Act is bolstered by the recent election results, which saw 278 pro-crypto candidates elected to Congress. The Republican Party now holds a majority in both the Senate and House of Representatives after flipping three Senate seats.

In a sign of optimism for the crypto industry, Bitcoin recently reached a new all-time high, surpassing $76,000 shortly after Trump's election victory. This milestone has heightened interest in the concept of government-backed Bitcoin reserves, with industry experts predicting increased nation-state adoption of Bitcoin.