The US Senate is set to hold a hearing on bitcoin legislation, dubbed “Exploring Bipartisan Legislative Frameworks for Digital Assets,” scheduled for February 26. Senator Cynthia Lummis, a vocal supporter of bitcoin and crypto, has campaigned for the creation of a bitcoin reserve similar to its gold reserve. She has written a bill to purchase one million bitcoin over five years.
A bicameral working group tasked with developing crypto regulation focused on stablecoins and market structure was announced by Trump’s crypto czar David Sacks earlier this month. The group aims to assess the feasibility of a bitcoin reserve, which could lead to significant investment in the digital economy.
Michael Saylor, founder of Strategy, has proposed that the US government buy 20% of the bitcoin supply to secure dominance over the digital economy. He claims this would deliver benefits worth $50 trillion to $80 trillion for U.S. taxpayers and drive down the country’s debt pile.
The US Senate hearing comes as the global adoption of bitcoin and crypto continues to surge, with the current price hovering at around $100,000 per bitcoin. A recent rally in the market has lost momentum, but experts predict a potential stock market crash.
Source: https://www.forbes.com/sites/digital-assets/2025/02/22/it-begins-bitcoin-and-crypto-brace-for-an-80-trillion-us-price-bombshell