Will America Under President Donald Trump Get Strategic Bitcoin Reserves? It's not yet clear, but heightened expectations for the proposal appear to have helped drive gains in assets on Thursday.
Sen. Cynthia Lummis, a prominent Bitcoin advocate and sponsor of the “Strengthening Innovation, Technology, and Competitiveness through the Optimized Investments Nationwide Act'' (also known as the Bitcoin Act), spoke about the impending news via X. Bitcoin was trading around $101,000 to $102,000 early Thursday. (Formerly Twitter).
“Bthings are coming” she posted, but with the first letter replaced by the Bitcoin logo.Stay tuned until 10am,” he added in a follow-up post.
Bitcoin's price quickly skyrocketed to over $105,000, then fell to $103,000 and then rose to nearly $106,000. There was nothing as of 10 a.m. ET, but around 10:45 a.m. ET, Senate Banking Chairman Tim Scott appointed the Wyoming senator to chair the digital assets subcommittee, Lummis said. Posted.
“Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress must establish a comprehensive legal framework for digital assets and strengthen the U.S. dollar with strategic Bitcoin reserves.” We urgently need to pass bipartisan legislation to do this,” Lummis said. statement.
While some traders may have been expecting the official announcement of Bitcoin's strategic reserves, many still took the announcement as good news – as Bitcoin subsequently hit its highest since Tuesday. It skyrocketed to $6,732 and is still over $106,000 as of this writing. Bitcoin is up about 3% on the day and about 7% this week.
“U.S. Strategic Bitcoin Reserve Almost Confirmed” I wrote Binance founder Changpeng “CZ” Zhao. “Cryptocurrencies are once again moving at the speed of cryptocurrencies.”
“Almost confirmed” is a subjective interpretation, but there is substantial movement in this direction. At the Bitcoin 2024 conference last July, Trump advocated for a national stockpile of cryptocurrencies. In recent weeks, following his election victory, lawmakers in several U.S. states have introduced bills that could create their own financial reserves.
Only 42% of bettors expect President Trump to establish a national Bitcoin reserve in his first 100 days in office, according to data from a cryptocurrency prediction market platform. Polymarket.
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