Cynthia Lummis Says Strategic Bitcoin Reserve Could Take Shape Soon After Trump ‘Raises His Hand And Is Sworn In’
By Benzinga
Sen. Cynthia Lummis (R-Wyo.) expressed optimism that certain aspects of the proposed strategic Bitcoin (CRYPTO: BTC) reserve could begin to take shape following President-elect Donald Trump’s inauguration ceremony.
What happened: During an interaction on X spaces hosted by asset manager VanEck on Tuesday, the Republican said she was hopeful of things moving in 2025 but stopped short of giving a specific timeline.
Lummis said that certain actions on the proposed bill could be taken even before it gets congressional approval.
“If we win with the schedule that is proposed in the BITCOIN Act, we could just start by using our existing asset forfeiture Bitcoin to fund the first year of it,” she stated. “And then start converting our gold certificates to Bitcoin.”
“Some of what we’re proposing could begin to take form right after President Trump raises his hand and is sworn in,” the senior senator remarked.
Why It Matters: Lummis proposed the legislation, called the BITCOIN Act, to create a strategic reserve in Bitcoin to support America’s balance sheet and address its mounting debt, which topped $35 trillion this year.
The bill outlines a $1 million purchase program to acquire 5% of Bitcoin’s total supply over five years, with a minimum holding period of 20 years.
The funding for these Bitcoin acquisitions would come from several sources detailed in the bill, including the revaluation of the Federal Reserve banks’ gold certificates to their fair market value.
President-elect Trump had previously advocated for the U.S. to become a “Bitcoin superpower” and suggested the creation of a national Bitcoin reserve during a conference.
Bettors on the popular prediction market platform Polymarket priced in a 35% possibility of Trump creating a Bitcoin reserve.
Price Action: At the time of writing, Bitcoin was exchanging hands at $92,425.03, up 0.92% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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