In a significant step toward establishing a strategic US bitcoin reserve, Senator Cynthia Lummis recently met with incoming Treasury Secretary Scott Bessent, according to a recent report. <a target="_blank" href="https://x.com/SenLummis/status/1867607917534621952″ target=”_blank” rel=”noopener nofollow”>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 cryptocurrencies
This meeting comes shortly after President-elect Donald Trump rang the opening bell at the New York Stock Exchange (NYSE), where he emphasized the need for the United States to take decisive action in the cryptocurrency space.
in a interview With CNBC host Jim Cramer, Trump stated, “We're going to do something great with cryptocurrencies because we don't want China, or anyone else, to get ahead,” underscoring the urgency of the issue.
Senator Lummis, echoing Trump's sentiments, lent her help, stating on x (formerly twitter): “I'm ready to help you make this happen.” Lummis has been a long-time proponent of bitcoin, comparing the current scenario to the “space race” and framing it as a competition the United States must win.
Many bitcoin supporters align with his vision and see the establishment of a strategic reserve as essential to counteract the economic decline that the United States has imposed on other countries over the past few decades.
However, this push for a bitcoin reserve has not gone unanswered. Some members of the bitcoin industry argue that while the goal is laudable, the focus may be misplaced.
They note that the US government has seized more than $1 billion worth of bitcoin, but the focus appears to be on creating a strategic reserve rather than addressing policies that prevent aggressive asset seizures.
One industry leader, speaking anonymously, commented: “We are missing the mark by a mile. Shouldn't we protect our rights instead of 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. The bill, which initially gained support primarily from Republican lawmakers, has gained bipartisan supportparticularly from Democratic Congressman Ro Khanna, who advocates for the United States to take custody of his seized bitcoin as a strategic reserve asset.
The adoption of bitcoin by nation-states could spark a digital gold rush, which could slow the trend toward physical ownership of gold. US policymakers can 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.
While the future of a strategic bitcoin reserve in the US remains uncertain, the initiative indicates a willingness to embrace it. technological innovation. For many Americans, it represents a shift toward a forward-thinking administration.
At the time of writing, the market-leading cryptocurrency has regained the $101,420 level, recording a 1.5% increase in the weekly period.
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