Senator Lummis claims Trump supports 1M Bitcoin strategic reserve bill
Sen. Lummis stated that Donald Trump supports her BITCOIN Act, which would mandate that the government accumulate 1 million Bitcoins.
Bitcoin strategic reserve could soon become a reality. On a Friday, May 2 speech to the U.S. Senate, Senator Cynthia Lummis stated that U.S. President Donald Trump supports her BITCOIN Act .
I’m particularly pleased with President Trump’s support for my strategic Bitcoin reserve initiative, which will address our national debt, while securing America’s position as the global leader in financial innovation,” Senator Cynthia Lummis stated.
Bitcoin puts American workers first: Lummis
In the same speech, Lummis defended Bitcoin’s security while also expressing her view that a Bitcoin reserve would benefit ordinary Americans. Notably, Lummis stated that Bitcoin puts “the everyday American and the everyday worker all over the world in control over their own money.”
As Bitcoin comes into more usage, its use makes the whole system more secure, more robust, and more capable of serving our needs all over the world. We should be the global leader,” Lummis.
The act, which Lummis proposed in the Senate, mandates the U.S. government to acquire 1 million Bitcoins (BTC) over five years. This acquisition would make the U.S. government the largest single holder of Bitcoin, which has a capped supply of 21 million.
Currently, the U.S. government holds about 198,000 BTC, mostly from seized assets, with a combined value of $19 billion. At current prices, the U.S. would need to invest around $76 billion in BTC to reach the 1 million BTC target. However, prices are unlikely to remain stable, as markets would likely see this move as a major bullish signal.
The relatively illiquid supply of Bitcoin, compared to traditional assets, means that Bitcoin’s price would likely rise significantly once the acquisition starts. U.S. would also have to compete with Bitcoin giants such as Strategy, which has announced plans to invest $84 million in BTC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Sen. Lummis leads Republican petition to lift tax burden on US digital asset companies
Share link:In this post: Senator Lummis and Republican lawmakers have petitioned the US Treasury to exclude unrealized digital asset gains from the Corporate Alternative Maximum Tax (CAMT). A recent accounting rule now requires digital assets to be reported at fair market value. Lawmakers are urging swift action to prevent forced asset sales.
Apple’s folding iPhone is expected in 2026
Share link:In this post: Apple is developing major new products, such as a folding iPhone, an ultra-thin iPhone, smart glasses, and a home robot. Timelines are uncertain, but multiple sources expect the first foldable iPhone around 2026, despite ongoing shifts in projections. Apple could soon unveil a super-thin iPhone to compete with Samsung and a redesigned MacBook, while VisionOS 3 will update the Vision Pro headset later this year.
Paul McCartney and Dua Lipa back UK move against AI firms to reveal copyrighted training data
Share link:In this post: The House of Lords voted to require AI firms to disclose all copyrighted materials used in training. American entertainers are urging the government to defend copyright against AI firms The UK’s final decision could make it a global leader in AI data transparency, with major implications for the future of copyright and AI development.
Is the Senate Stablecoin Bill Dead? Here's What's Going On
Trending news
MoreCrypto prices
More
