Support for the Bitcoin bill is growing among U.S. citizens after former President Donald Trump and Wyoming Senator Cynthia Lummis expressed their views on the matter. Dennis Porter, a Bitcoin supporter, revealed that almost 3,000 Americans have reached out to Senators urging them to support the creation of a “Strategic Bitcoin Reserve” bill. The majority of these letters, about 1,746 in total, were directed towards Democratic Senators. This surge in support is believed to be a response to and in alignment with Senator Lummis’s recent crypto legislation.
Senator Lummis introduced the ‘Boosting Innovation Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024’ (BITCOIN Act) during the Bitcoin 2024 event in Nashville, where she shared the stage with Donald Trump. In line with Trump’s recommendation to hold onto America’s BTC reserves, Lummis proposed an annual purchase of 200,000 BTC. The goal of her bill is to acquire a total of 1 million tokens, positioning the U.S. as a key player in the global cryptocurrency market.
If Senator Lummis and Trump’s vision comes to fruition, the U.S. will solidify its status as the largest geopolitical holder of BTC. Currently, the U.S. already possesses over 200,000 BTC, valued at more than $11 billion, making up almost 3% of the total BTC in circulation. These holdings mainly stem from past law enforcement actions against platforms like Silk Road and other illicit marketplaces.
However, the establishment of a strategic Bitcoin reserve hinges on Congressional approval and the results of the upcoming presidential elections in November. Despite the growing support for the bill, there have been indications that the current administration may not be fully on board with the idea. Shortly after Trump’s remarks in Nashville, the U.S. government transferred $2 billion worth of BTC to an unidentified wallet, raising questions about their stance on the matter.
As the momentum for the creation of a Strategic Bitcoin Reserve continues to build, it remains to be seen how this proposal will progress in the political landscape of the United States. The potential implications of such a reserve on the country’s economic and geopolitical standing are significant, and stakeholders from various sectors are closely monitoring the developments surrounding this initiative. The intersection of cryptocurrency and government policy is a complex and evolving domain, and decisions made in this realm have the potential to shape the future of financial systems on a global scale.