U.S. is ‘going to build’ a strategic BTC reserve

Senator Cynthia Lummis reaffirmed plans to create a strategic Bitcoin Reserve in the US just hours after Donald Trump won the presidential election.

Congress’ progress on a national strategic Bitcoin (BTC) reserve may accelerate as the Associated Press, Fox News and NBC declare Republican candidate Donald Trump the winner of the presidential race. Lummis’ November 6 tweet reminded the public of America’s plans to position its $12 billion Bitcoin stockpile as a reserve asset and potential solution to the country’s mounting debt crisis.

WE WILL CREATE A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸

— Senator Cynthia Lummis (@SenLummis) 6 November 2024

The senator first announced his BTC plans at the July Bitcoin 2024 conference in Nashville. Trump won praise from crypto supporters at the same event by announcing his intention to halt the government-backed sale of Bitcoin.

After the meeting, Lummis announced the official documents for the Strategic Bitcoin Reserve and submitted the proposal for evaluation. Soon thousands of US citizens signed letters and petitions supporting the idea.

Republican control of Congress could push such a bill toward formal legislation. Approximately 247 pro-crypto candidates have won House seats, according to Stand With Crypto, and several other seats in the Senate are also up for grabs.

If Trump delivers on his crypto promises and Republicans reach the legislative trifecta, the US could become the first major world power to recognize Bitcoin as a national reserve asset. According to Arkham, as of publication time, the United States was the largest sovereign holder of Bitcoin, owning 203,239 tokens.