As a seasoned researcher with extensive experience tracking Bitcoin’s evolution and global adoption, I find myself increasingly intrigued by the proposed “Strategic Bitcoin Reserve” initiative. The momentum behind this movement is undeniable, fueled by influential figures like President-elect Trump and Senator Cynthia Lummis.
After Donald Trump was elected as the 47th President of the United States, the idea of creating a “Strategic Bitcoin Reserve” has become a significant point of discussion. This proposal, which gained prominence during Trump’s campaign, aims to make the U.S. a leader in worldwide Bitcoin adoption and financial advancement.
At the Bitcoin 2024 conference in Nashville, held in July, President-elect Trump publicly declared his intention to continue holding all Bitcoins owned or obtained by the U.S. government. In an interview with FOX Business, he expressed his viewpoint, saying, “Perhaps we’ll use Bitcoin to clear our $35 trillion debt – just a small digital payment, really – and eliminate it. […] Bitcoin is a novel type of currency that could ultimately prove advantageous for our nation. If we don’t adapt to this trend, other nations will.
On November 6th, Republican Senator Cynthia Lummis reiterated her dedication to creating a strategic Bitcoin reserve by means of the Bitcoin Act of 2024. Using communication platform X, she expressed her intent as follows: “WE WILL ESTABLISH A STRATEGIC BITCOIN RESERVE.” The bill aims to instruct the Treasury Department to purchase one million Bitcoins over a five-year period and to set up secure vaults for their management.
US States To Propose Bitcoin Reserve Bills In 2025
In sync with this, Dennis Porter, the CEO and co-founder of Satoshi Act Fund, has hinted that the push for creating BTC reserves is not only limited to federal projects. On a recent statement, he expressed, “I’ve been conversing with pro-Bitcoin legislators worldwide. The enthusiasm for Bitcoin in the USA is astounding. When the USA takes the lead on Bitcoin, it encourages lawmakers globally to advance Bitcoin. I am very optimistic about global Bitcoin adoption.
He further asserted, “BREAKING: I can confirm that in 2025, multiple states will have Strategic Bitcoin Reserve legislation introduced. This will be in partnership with Satoshi Act Fund which crafts model policies including Strategic Bitcoin Reserve policy.”
UPDATE: It has been verified that several states are expected to propose the Strategic Bitcoin Reserve law by the year 2025.
— Dennis Porter (@Dennis_Porter_) November 7, 2024
On Friday, November 8, Porter emphasized further on these advancements by saying, “BREAKING NEWS: I am confirming that more state representatives have contacted me today asking for help in establishing a ‘Strategic Bitcoin Reserve’ following their election victories. Tag your state representative below if you want your state to be part of the Strategic Bitcoin Reserve movement.” Later on, he also mentioned, “UPDATE: Keep tagging as we just had another state representative join the SBR movement!
Although there’s increasing support, establishing a national Bitcoin reserve faces significant hurdles in terms of legislation and regulation. The likelihood of its success is still unclear, as it appears that the betting markets are expressing doubt. For example, the chances of Donald Trump creating a national Bitcoin reserve by April 29, 2025, as per Polymarket’s odds, are only 33%.
Despite this, Senator Lummis continues to strongly support the initiative. He expressed his views on Thursday through X, stating that “A Strategic Bitcoin Reserve would enable the U.S. to tackle a significant portion of our debt and boost our position. For a comprehensive understanding, read ‘Currency Wars’. It explains the harmful cycle we’re in, often referred to as ‘stupid games, stupid prizes’. Let’s break free from this cycle and work towards a prosperous future for American citizens instead.
She interacted with Anthony Scaramucci, the founder of SkyBridge Capital and a former White House Communications Director under Trump. He stated, “It’s time for us to concentrate on something that the market isn’t fully grasping: If Senator Lummis gets her way, by mid-next year, the U.S. could establish a strategic Bitcoin Reserve. This move would compel other central banks to follow suit. Such an eventuality would be groundbreaking.
At press time, BTC traded at $75,952.
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2024-11-09 12:41