Thomas Daniels
In a bold statement for U.S. crypto policy, Senator Cynthia Lummis reaffirmed her commitment to establish a national Bitcoin reserve shortly after Donald Trump’s election victory. The move aligns with growing Republican support for digital assets, which could accelerate Congressional discussions on positioning Bitcoin as a reserve asset amid America’s escalating debt challenges.
Lummis’ tweet on November 6 highlighted a potential path forward for the United States to utilize its $12 billion Bitcoin holdings as a hedge against fiscal instability. The announcement follows her initial proposal at the Bitcoin 2024 conference in Nashville, where she introduced the concept of a Strategic Bitcoin Reserve. At the same event, Trump echoed similar sentiments by pledging to halt state-sponsored Bitcoin liquidations, a stance that garnered enthusiastic support from crypto advocates.
Subsequent to the conference, Senator Lummis submitted formal documentation for the reserve proposal, gathering substantial grassroots support. Thousands of Americans signed petitions backing the plan, reflecting a strong public interest in integrating Bitcoin into U.S. fiscal strategy.
The recent election bolstered Republican influence in Congress, with 247 pro-crypto candidates winning House seats, according to Stand With Crypto. Should Republicans secure full legislative control, Lummis’ Bitcoin reserve proposal could gain significant traction, potentially positioning the United States as the first major economy to formally recognize Bitcoin as a national reserve asset.
Currently, the United States is the world’s largest sovereign Bitcoin holder, with 203,239 BTC tokens, as reported by Arkham. With a Republican-led Congress and an administration sympathetic to digital assets, the U.S. may well be on track to establish Bitcoin as a cornerstone of its economic framework.
