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Home»TRADING NEWS»US plans to build strategic BTC reserves
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US plans to build strategic BTC reserves

By Crypto FlexsNovember 7, 20242 Mins Read
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US plans to build strategic BTC reserves
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Senator Cynthia Lummis reaffirmed plans to create a strategic Bitcoin reserve in the United States, just hours after Donald Trump won the presidential election.

Progress in Congress on a national strategic Bitcoin (BTC) reserve could accelerate as the Associated Press, Fox News and NBC declare Republican candidate Donald Trump the winner of the presidential election. Lummis’ November 6 tweet reminded the public of the country’s plan to use the country’s $12 billion Bitcoin reserve as a reserve asset and a potential solution to the country’s growing debt crisis.

We plan to build strategic Bitcoin reserves 🇺🇸 🇺🇸 🇺🇸

— Senator Cynthia Lummis (@SenLummis) November 6, 2024

The senator first revealed his BTC plans at July’s Bitcoin 2024 conference in Nashville. Trump announced his intention to end state-backed Bitcoin sales at the same event, drawing praise from cryptocurrency supporters.

After the meeting, Lummis released an official document on the Strategic Bitcoin Reserve and submitted a proposal for consideration. Soon after, thousands of American citizens signed letters and petitions supporting the idea.

Republican control of Congress could push such bills further into formal legislation. According to Stand With Crypto, approximately 247 pro-crypto candidates have won seats in the House of Representatives, and several other seats in the Senate could also be up for grabs.

If Trump delivers on his cryptocurrency promises and Republicans achieve their legislative trifecta, the United States could become the first world power to recognize Bitcoin as a national reserve asset. At the time of publication, the United States was the largest sovereign holder of Bitcoin, with 203,239 tokens, according to Arkham.

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