Originally published on: November 06, 2024
Wyoming Senator Cynthia Lummis is determined to push forward with her bold vision of establishing a strategic Bitcoin reserve in the United States following the recent victory of Donald Trump. In a post-election message, Senator Lummis reiterated her plans to create a Bitcoin reserve once Republicans secure a majority in the Senate in 2025.
Senator Lummis, a prominent Republican figure, introduced the Bitcoin Act earlier in July with a proposal for the US government to acquire 1 million BTC, roughly 5% of the total supply, and hold it for at least two decades. With the Republican Party expected to gain control of the Senate after the recent elections, Lummis and her allies could finally have the necessary votes to implement this ambitious plan.
The idea of creating a Bitcoin reserve was initially suggested by former President Trump, who proposed that the US government should refrain from selling any seized Bitcoin. Lummis has been a strong advocate for crypto-friendly policies since assuming office in 2021, and she remains committed to advancing digital asset initiatives in the political arena.
The surge in BTC price to over $76,000 following speculations that Trump and Republicans were poised to secure victory in the recent elections underscores the growing influence of cryptocurrency in mainstream politics. While Democrats continue to control the Senate until January, the recent shift in political dynamics has raised hopes for a more favorable environment for crypto enthusiasts.
As the political landscape evolves, the impact of crypto-friendly policies on electoral outcomes is becoming more evident. Industry leaders speculate that Democrats’ performance in the recent elections may have been influenced by their stance on crypto, as evidenced by the loss of anti-crypto voices like Senator Sherrod Brown.
With Senator Lummis leading the charge for a strategic Bitcoin reserve and Republican support for crypto gaining momentum, the future looks promising for digital assets in the United States. Stay tuned for more updates on the intersection of politics and cryptocurrencies.
