Bitcoin Reserve Strategy Expected to Be Approved in Trump’s First 100 Days

Key Points:

• Senator Cynthia Lummis aims to establish a national Bitcoin reserve strategy with hopes to pass it within the first 100 days of Donald Trump’s new term.
• Key industry leaders backed the proposal, and Bitcoin’s price hit a record high following Trump’s election and Lummis’s renewed push for the legislation.

Senator Cynthia Lummis has reiterated her pursuit of a national Bitcoin reserve strategy following Donald Trump’s election as the 47th President of the United States.

Read more: Senator Lummis Urges Bitcoin Reserve to Fix Treasury’s Critical Value Gap

Senator Lummis Renews Efforts to Develop U.S. Bitcoin Reserve Strategy After Trump’s Election Victory

The Bitcoin reserve strategy, according to her, might see bipartisan traction in the first 100 days of the new term, subject to grassroots support.

Senator Lummis took to X to express her optimism, saying such bipartisan support could be just the thing to fortify her plan of holding a Bitcoin reserve. It has now been dubbed the BITCOIN Act 2024, which would task the U.S. Treasury Department with buying one million Bitcoins over a five-year period.

Lummis went on to say that such a strategic reserve would position the United States to be in an optimal place leading the new financial world, reaping benefits economically, such as with an opportunity to reduce national debt and lower inflation.

If approved, the Bitcoin reserve strategy would automatically make the U.S. the largest governmental owner of Bitcoin, holding 5% of the cryptocurrency’s total supply proportionate to current holdings of the nation in global gold reserves.

Industry Leaders Applaud Lummis’s Proposal as Bitcoin Hits New All-Time High

Lummis is trying to use Republican majorities in the Senate, where she was first to introduce the bill back in July to advance her bill. Bitcoin’s price recently gained momentum to $89,500 thanks to Trump’s victory.

Prominent industry figures, including Michael Saylor of MicroStrategy and Pierre Rochard of Riot Platforms, have voiced support for the legislation. As Trump is said to be more amenable to the idea, some think that this may be a very close attempt to actually make the establishment of a U.S. Bitcoin reserve strategy a reality.