US Senator Cynthia Lummis recently met with incoming Treasury Secretary Scott Bessent to discuss a potential strategic Bitcoin reserve. The meeting follows President-elect Donald Trump’s call for decisive action in the cryptocurrency space. Lummis, a longstanding advocate for Bitcoin, aims to use existing funds to purchase 1 million BTC, drawing bipartisan support.
The push for a Bitcoin reserve has sparked debate within the industry, with some arguing that the approach may be misplaced. Critics point out that the US government has seized over $1 billion in Bitcoin and should focus on protecting rights instead of seizing assets. Lummis’ bill has gained backing from Republican lawmakers and Democratic Congressman Ro Khanna, who advocates for using seized Bitcoin as a strategic reserve asset.
A strategic Bitcoin reserve could have significant implications, potentially diminishing physical gold ownership as nations adopt digital assets. US policymakers may use Bitcoin to counter China and Russia’s growing reliance on precious metals. While the future of a Bitcoin strategic reserve remains uncertain, it signals a willingness to embrace technological innovation.
Source: https://bitcoinist.com/senator-talks-treasury-secretary-bitcoin-reserve