At the “Bitcoin for America” summit in Washington, D.C., US Senator Cynthia Lummis of Wyoming announced her intent to reintroduce significant legislation aimed at establishing a strategic Bitcoin (BTC) reserve for the United States.
The announcement, made on Tuesday and reported by Bitcoinist, is part of a broader initiative aimed at positioning the United States at the forefront of the global digital economy.
This follows concerns arising from President Donald Trump’s executive order to create a strategic Bitcoin reserve, which focused solely on holding already seized assets without specifying plans to purchase additional Bitcoin.
Garnering Bipartisan Support In Congress
“I am so pleased to announce that today I will be reintroducing The Bitcoin Act,” Lummis stated, highlighting the growing enthusiasm surrounding cryptocurrency legislation.
The pro-BTC Senator was joined by Senator Jim Justice of West Virginia, who is among the bill’s co-sponsors, along with Senators Tommy Tuberville, Marsha Blackburn, Roger Marshall, Bernie Moreno, and Jim Justice.
Cynthia Lummis indicated that additional support was anticipated, reflecting a surge of interest in Bitcoin support among lawmakers in Congress.
In parallel, US Congressman Nick Begich announced his plan to introduce the Bitcoin Act of 2025 in the House of Representatives. “This is a bold and forward-looking legislative initiative designed to ensure the United States secures its financial independence and maintains its leadership in the global digital economy,” Begich remarked.
Both Lummis and Begich emphasized the urgency of the initiative, noting that President Trump’s recent executive order to establish a federal strategic Bitcoin reserve aligns with their objectives.
Senators Advocate For Annual Bitcoin Purchases
The proposed reserve is expected to consist of BTC confiscated by the federal government from various hacks and seizures, potentially amounting to around 200,000 BTC, pending an official audit.
However, concerns have been raised regarding the sustainability of this reserve, particularly given the possibility that future presidential administrations could overturn such initiatives.
The Bitcoin Act of 2025 aims to address these concerns by mandating that the US government purchase 200,000 BTC annually until it accumulates a total of 1 million BTC, with a commitment to hold these assets for a minimum of 20 years.
According to asset manager VanEck, establishing a strategic Bitcoin reserve could play a critical role in offsetting the national debt. Their analysis suggests that following the proposed path of accumulating 1 million BTC by 2029 could potentially alleviate around $21 trillion of national debt by 2049.
Lummis concluded her remarks with a sense of urgency and optimism, stating, “The momentum is in our hands and we need to make this happen. Thankfully, President Trump is with us, and the opportunities are boundless.”
At the time of writing, the market’s leading cryptocurrency is trading at $83,300, registering a 3.3% recovery in the 24-hour time frame, after hitting as low as $76,700 for the first time in 5 months.
Featured image from DALL-E, chart from TradingView.com
