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Bitcoin

Senator Lummis Holds Talks With Treasury Secretary Bessent On Bitcoin Reserve Strategy

Ronaldo Marquez
by Ronaldo Marquez
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant step toward establishing a US strategic Bitcoin reserve, Senator Cynthia Lummis recently met with incoming Treasury Secretary Scott Bessent, according to a recent social media post on X (formerly Twitter) in which Lummis expressed optimism about Bessent’s potential support for digital assets, particularly BTC. 

Trump Rings The Bell For Crypto

This meeting follows shortly after President-elect Donald Trump rang the opening bell at the New York Stock Exchange (NYSE), where he emphasized the need for the US to take decisive action in the cryptocurrency space. 

In an interview with CNBC anchor Jim Cramer, Trump stated, “We are going to do something great with crypto because we don’t want China, or anybody else, to be ahead,” underscoring the urgency of the matter.

Related Reading: Pro-Crypto Rep. French Hill To Head House Financial Services Committee – Details

Senator Lummis, echoing Trump’s sentiments, extended her assistance, stating on X (formerly Twitter), “I’m ready to help you make this a reality.” Lummis has been a longstanding advocate for Bitcoin, likening the current scenario to the “Space Race” and framing it as a competition that America must win. 

Many Bitcoin supporters align with her vision, viewing the establishment of a strategic reserve as essential to counteract the economic decline that the US has imposed on other countries over recent decades.

However, this push for a Bitcoin reserve has not gone unchallenged. Some members within the Bitcoin industry argue that while the goal is commendable, the approach may be misplaced. 

They point out that the US government has seized over $1 billion in Bitcoin, yet the focus seems to be on creating a strategic reserve instead of addressing policies that would prevent aggressive asset seizures. 

One industry leader, speaking anonymously, remarked, “We’re missing the mark by a mile. Shouldn’t we be protecting our rights rather than focusing on the loot?”

Lummis’ Bitcoin Bill Gains Bipartisan Support

In July, Lummis introduced a bill aimed at using existing government funds to purchase 1 million BTC. Initially drawing support primarily from Republican lawmakers, the bill has garnered bipartisan backing, notably from Democratic Congressman Ro Khanna, who advocates for the US to take custody of its seized Bitcoin as a strategic reserve asset.

The Bitcoin adoption by nation-states could spark a digital gold rush, potentially diminishing the trend towards physical gold ownership. US policymakers may leverage Bitcoin as a strategic instrument to counter the efforts of countries like China and Russia, which are increasingly moving away from the US dollar and towards precious metals. 

Related Reading: Cardano Founder Hoskinson Reveals Plans For 2025

While the future of a Bitcoin strategic reserve in the US remains uncertain, the initiative signals a willingness to embrace technological innovation. For many Americans, it represents a shift towards a forward-thinking administration. 

Bitcoin
The daily chart shows BTC’s price recovery above the $100,000 milestone. Source: BTCUSDT on TradingView.com

At the time of writing, the market’s leading crypto has regained the $101,420 level, recording a 1.5% increase in the weekly time frame. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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