Emily Walker
After Donald Trump’s election as the 47th President of the United States, discussions around a “Strategic Bitcoin Reserve” have gained significant attention. This idea, which Trump strongly endorsed during his campaign, seeks to position the United States as a leader in Bitcoin adoption and financial innovation.
At the Bitcoin 2024 conference in Nashville this past July, Trump committed to preserving all Bitcoin (BTC) owned or obtained by the US government. In an interview with FOX Business, he shared his aspirations, suggesting, “Who knows, maybe we’ll pay off our $35 trillion, give him a little crypto check, right we’ll hand him a little Bitcoin and eliminate our $35 trillion. […] It’s a different kind of currency that will ultimately benefit the country […] if we don’t embrace it, other nations certainly will.”
On November 6, Senator Cynthia Lummis reiterated her dedication to forming a strategic reserve via the BITCOIN Act of 2024. Through X, she made it clear, “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE.” The proposed legislation suggests that the Treasury acquire 1 million BTC over five years and create secure vaults managed by the Treasury.
Bitcoin Reserve Legislation Expected from States in 2025
Meanwhile, lobbyist Dennis Porter, CEO and co-founder of the Satoshi Act Fund, has indicated that the push for Bitcoin reserves is extending beyond federal legislation. On a recent Thursday, Porter noted, “I’ve been speaking to pro-Bitcoin lawmakers worldwide. You wouldn’t believe the level of enthusiasm about the US leading in Bitcoin. This leadership empowers legislators globally to advance Bitcoin. We’re extremely optimistic about worldwide Bitcoin adoption.”
He further announced, “BREAKING: I can confirm that multiple states will introduce Strategic Bitcoin Reserve legislation in 2025, in collaboration with the Satoshi Act Fund, which develops model policies including the Strategic Bitcoin Reserve policy.”
BREAKING: I can confirm that in 2025, multiple states will have Strategic Bitcoin Reserve legislation introduced.
— Dennis Porter (@Dennis_Porter_) November 7, 2024
Porter continued to share updates on November 8, asserting, “BREAKING: Some state lawmakers have contacted me today seeking help to establish a ‘Strategic Bitcoin Reserve’ following their election wins. Tag your state lawmaker if you’d like to see your state join the Strategic Bitcoin Reserve initiative.” He later added: “UPDATE: KEEP TAGGING – WE JUST HAD ANOTHER STATE LAWMAKER JOIN THE SBR MOVEMENT!”
Despite increasing support for this initiative, the actualization of a national Bitcoin reserve faces major legislative and regulatory hurdles. The practicality of this plan is still in question, as betting markets show skepticism. For instance, Polymarket’s odds on whether Trump will establish a national Bitcoin reserve by April 29, 2025, are currently at 33% for a “Yes” outcome.
Nonetheless, Senator Lummis remains a vigorous supporter of the concept. “A Strategic Bitcoin Reserve would enable the US to tackle a significant part of our debt and bolster our position. Consult ‘Currency Wars’ for insights into the cycle of ‘stupid games, stupid prizes’ we find ourselves in. Let’s disrupt this cycle and aim for a prosperous future for Americans,” Lummis remarked via X on Thursday.
She also interacted with Anthony Scaramucci, the founder of SkyBridge Capital and former White House Communications Director under Trump, who commented, “It’s time to shift focus to something the market hasn’t fully grasped: By mid-next year, if Sen. Lummis succeeds, the US will have a strategic Bitcoin Reserve, which will compel other central banks to act similarly. This would be a groundbreaking development.”
As of the latest updates, Bitcoin is trading at $75,952.
