Senator Lummis Advocates for US Strategic Bitcoin Reserve

Senator Lummis Advocates for US Strategic Bitcoin Reserve

Senator Cynthia Lummis is expected to make a significant announcement today at 10 a.m., potentially unveiling a major development in her ongoing efforts to establish a US strategic Bitcoin reserve. Lummis, known for her advocacy in this area, has hinted at the importance of the upcoming announcement through social media posts. The announcement follows her introduction of the BITCOIN Act in July 2024, which proposes that the US Treasury acquire 1 million Bitcoins over five years, with a mandatory 20-year holding period to address inflation concerns and strengthen the dollar.

The speculation surrounding Lummis’s announcement today centers on her potential selection as chair of the digital assets subcommittee within the Senate Banking Committee. While the focus of the announcement remains uncertain, there is anticipation that it may align with updates on the US strategic Bitcoin reserve. The proposed Bitcoin reserve strategy has garnered support for its potential to enhance the US dollar’s stability by incorporating Bitcoin as a complementary asset.