Key Takeaways
- Senator Lummis is advocating for a US strategic Bitcoin reserve strategy to address inflation concerns.
- The BITCOIN Act proposes the US Treasury acquire 1 million Bitcoins over five years with a 20-year holding period.
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Senator Cynthia Lummis is set to make a major announcement today at 10 a.m., which could reveal a significant development in her ongoing advocacy for a US strategic Bitcoin reserve.
₿ig things are coming👀
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
Lummis posted on X, “Big things are coming,” with the “B” stylized to represent the Bitcoin symbol, hinting at an update regarding Bitcoin and the strategic Bitcoin reserve she has been advocating. This was followed by a second post saying, “Stay tuned for 10 a.m.”
Fox Business reporter Eleanor Terrett confirmed in a post on X that the Senate Banking Committee is set to vote at 10 a.m. on Senator Lummis potentially becoming chair of the digital assets subcommittee.
Senator Lummis’s announcement on X may primarily focus on the vote rather than on a Bitcoin update.
However, speculation remains about whether Lummis’s selection as chair could eventually align with an announcement of a development on the US strategic Bitcoin reserve.
The Wyoming Republican introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in July 2024.
The legislation proposes that the US Treasury acquire up to 1 million Bitcoins over five years, with a mandatory 20-year minimum holding period, aiming to address inflation concerns and strengthen the dollar.
While the BITCOIN Act has received mixed congressional response, Lummis plans to reintroduce the bill in January 2025, capitalizing on support from the newly elected crypto-friendly administration.
A December 2024 meeting between Lummis and Treasury Secretary nominee Scott Bessent, who has expressed support for digital assets, particularly Bitcoin, has fueled speculation about potential updates to the BITCOIN Act or new initiatives involving US financial strategy.
The proposed Bitcoin reserve strategy has been praised by supporters, who suggest it could reinforce the US dollar by establishing Bitcoin as a complementary asset.
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