Senator Cynthia Lummis reaffirmed her intention to create a strategic Bitcoin reserve in the United States just hours after Donald Trump won the presidential election.
Congress’ progress on a national strategic reserve of Bitcoin (BTC) could accelerate as the Associated Press, Fox News and NBC declare Republican candidate Donald Trump the winner of the presidential race. Lummis’ November 6 tweet reminded the public of his intention to position the $12 billion U.S. Bitcoin stockpile as a reserve asset and potential solution to the growing national debt crisis.
The senator initially revealed her BTC plans at July’s Bitcoin 2024 conference in Nashville. Trump announced plans to end state-backed Bitcoin sales at the same event, receiving praise from crypto supporters.
Following the meeting, Lummis unveiled official documents for a strategic Bitcoin reserve and submitted the proposal for review. Soon after, thousands of American citizens signed letters and petitions supporting the idea.
Republican control of Congress could push such a bill further into formal legislation. According to Stand With Crypto, some 247 pro-crypto candidates won seats in the House of Representatives, with several more Senate spots up for grabs.
If Trump keeps his crypto promises and Republicans reach a legislative trifecta, the United States could become the first major global power to recognize Bitcoin as a national reserve asset. At the time of publication, the United States was the largest sovereign owner of Bitcoin, holding 203,239 tokens, according to Arkham.
