In an X post, Senator Cynthia Lummis hinted that the U.S. government would buy Bitcoin. She commented, “₿ig things coming for Franklin,” posting a cartoon image of the famous anthropomorphic turtle on a Bitcoin-labelled laptop and tokens.
Lately, Franklin, the Turtle memes have been associated with the American government after U.S. Secretary of Defense Pete Hegseth shared an image of Franklin firing an RPG from a helicopter, labeled as a spoof book called Franklin Targets Narco Terrorists.
For years, Senator Lummis has been one of Washington’s most vocal supporters of Bitcoin, frequently arguing that BTC offers long-term fiscal stability in contrast to the ballooning U.S. debt. She has previously pushed for clearer regulatory frameworks and for federal agencies to treat Bitcoin as a strategic asset rather than a speculative instrument.
Some hinted that U.S. Bitcoin purchases would be game-changing
In response to Lummis’ post, an X user shared that any government-backed Bitcoin purchases would need to be aware of the risks in the asset’s minimal oversight and extreme volatility.
Another user commended the effort, saying, “Imagine the treasury diversifying into BTC, that’s a legendary pivot,” while another described it as game-changing. Additionally, some argued that if Washington moves to classify Bitcoin as part of its strategic reserves, G20 central banks would face a “Nakamoto Dilemma,” no longer able to avoid holding it while the U.S. accumulates.
A commenter, Loco Riyad, also noted that the senator’s teasing of the possibility of federal Bitcoin holdings is a significant macro-level development. Government accumulation would elevate BTC into strategic-reserve territory and intensify supply dynamics. It also points to a policymaking environment that’s increasingly pro-Bitcoin.
Texas bought nearly $5 million in Bitcoin
Texas officials confirmed on Monday that the state acquired nearly $5 million in Bitcoin through an exchange-traded fund managed by BlackRock. A few months ago, Texas Gov. Abbott approved Senate Bill 21, a heavily discussed and divisive bill that allowed the state to establish a taxpayer-funded strategic cryptocurrency reserve.
The transaction stands out as one of the first of its kind by a state government, when both federal and state officials are showing greater openness to the growing cryptocurrency market. States such as New Hampshire and Arizona have introduced their own crypto reserve frameworks through recent bills.
Despite the enthusiasm, critics argue that using taxpayer funds to buy Bitcoin exposes states to unpredictable financial swings. Opponents of the Texas bill warned during legislative debates that Bitcoin’s volatility could jeopardize public coffers if the market were to turn sharply downward.
Others questioned whether government involvement distorts private markets or undermines the principles of decentralization that underlie cryptocurrencies in the first place. Still, supporters counter that long-term scarcity and increasing institutional adoption outweigh short-term fluctuations.
While Wisconsin and Michigan pension systems dipped into crypto last year, Texas stands out as the first state to directly fund a cryptocurrency reserve. Lee Bratcher, head of the Texas Blockchain Council, the pro-crypto group that backed the bill, commented, “ I think Texas staking out a leadership position will be very beneficial to Texans over time, similar to what the oil and gas industry has done over the last century. I think we’re only scratching the surface.”
Bratcher claimed Texas made the purchase late last month at a price of nearly $87,000; after first hearing about it on a Zoom call that included acting Comptroller Kelly Hancock. He noted that Texas’s choice will yield advantages for decades, covering everything from workforce growth to increased tax collections.
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Source: https://www.cryptopolitan.com/u-s-bitcoin-purchase-on-the-horizon/