As a researcher with extensive experience in the financial sector and a keen interest in cryptocurrencies, I find the prospect of a United States Strategic Bitcoin Reserve under the incoming Trump administration to be nothing short of groundbreaking. Senator Cynthia Lummis’s draft bill and the support it has garnered from figures like David Bailey and Robert F. Kennedy Jr., as well as influential investors such as Barbara Goodstein and Anthony Scaramucci, have generated a wave of excitement that I haven’t seen since the dot-com boom of the late 90s.
Senator Cynthia Lummis from Wyoming is hopeful that a strategic Bitcoin reserve could be established swiftly under the incoming Trump administration. After former President Donald Trump suggested creating a US strategic Bitcoin reserve, Lummis introduced the Bitcoin Act at the end of July, detailing a thorough strategy to incorporate Bitcoin into the nation’s financial system.
Lummis’s proposed Strategic Bitcoin Reserve Bill suggests setting up a nationwide network of secure storage locations for Bitcoin, with the U.S. Treasury required to acquire 200,000 Bitcoins each year for five years (amounting to one million Bitcoins). The government would then be obligated to keep these reserves for at least 20 years. Additionally, the bill advocates for the adoption of a proof-of-reserves system to confirm holdings and consolidating all existing Bitcoin held by the U.S. government into this new reserve.
The Bitcoin Reserve Hype Is Real
Today, Senator Lummis expressed optimism about the plan’s potential, emphasizing on X: “I am convinced that with bipartisan backing in the first 100 days, we can make this happen if we secure public support. This could be a pivotal moment for our nation’s financial stability. Let’s ensure America’s fiscal health by passing the Bitcoin Act!
In response to David Bailey, the CEO of BTC Inc., who has played a key role in guiding Trump’s pro-cryptocurrency policies as reported by Bitcoinist, Bailey recently proposed that a Bitcoin reserve could be quickly set up under the current administration. His latest post reads:
The Bitcoin and Crypto industry’s policy wishlist is long and pressing… but the Strategic Bitcoin Reserve is the #1 most urgent and transformational policy on President Trump’s agenda. The downstream effects change everything. We must get it done in the first 100 days.
Additionally, Bailey advocated for expanding Bitcoin’s usage in government initiatives. He proposed that if Robert F. Kennedy Jr. were to be appointed as Secretary of Health and Human Services, with responsibilities including managing Social Security, a discussion should ensue regarding the possibility of setting aside 5-10% of Social Security disbursements into Bitcoin held at the Strategic Reserve.
If Robert F. Kennedy becomes the head of the Department of Health and Human Services, he would oversee Social Security management. It’s worth discussing the idea of allocating 5-10% of Social Security payments into Bitcoin, held at a secure platform like SBR, to ensure the solvency of Social Security once again, while also spreading Bitcoin’s potential growth across society, according to Bailey’s statement today.
Significantly, Robert F. Kennedy Jr. has expressed support for government funding towards Bitcoin (BTC) in the past. At the Bitcoin 2024 conference, he proposed an ambitious plan suggesting that the U.S. government should acquire four million BTC to strengthen its financial reserves.
There’s a lot of excitement building around the Strategic Bitcoin Reserve, which has noticeably influenced the market, causing the price to skyrocket to an astounding $89,940 on Binance today. This proposal has stirred up quite a buzz, not only within Bitcoin communities but also reaching mainstream media and finance discussions on Wall Street.
Yesterday in an interview, Barbara Goodstein, Managing Partner at R360 (a private community for affluent individuals with tens of millions), offered her perspectives on the rising investment trend towards Bitcoin (BTC). Regarding BTC versus conventional assets like gold, Goodstein showed optimism, suggesting that “Bitcoin might evolve into a future strategic reserve asset. Currently, a nation owns approximately 232,000 BTC, and we believe Trump could boost this to over one million.” When asked if BTC would replace gold, she suggested it would supplement rather than supplant it.
Anthony Scaramucci, founder of SkyBridge Capital, also weighed in on the developments via X. Encouraging those not already invested in BTC to consider it, he wrote, ““To those not already long Bitcoin (my opinion, not financial advice): it may feel like you missed it, but you didn’t. It’s early. The US will establish Strategic Bitcoin Reserve under great Sen. Cynthia Lummis. Other countries will follow, along with institutional asset allocators, asset managers and FAs/RIAs. Trump’s victory accelerated the cycle, but BTC was and is inevitable.”
At press time, BTC traded at $87,747.
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2024-11-12 21:42