- US Senator Cynthia Lummis and Donald Trump’s incoming Treasury Secretary Scott Bessent met to discuss a potential strategic Bitcoin reserve for the United States.
- Lummis called Bessent a “champion for digital assets” and a “crucial ally” in passing her proposed Bitcoin Act, which would establish a strategic Bitcoin reserve.
- The Bitcoin Act proposes that the US purchase 1 million BTC by 2030 and hold it for at least 20 years, with independent audits to ensure transparency.
A significant step forward has been taken in the world of cryptocurrencies as US Senator Cynthia Lummis and incoming Treasury Secretary Scott Bessent, appointed by President-elect Donald Trump, meet to discuss the potential creation of a strategic Bitcoin reserve for the United States.
The Historic Meeting
US Senator Cynthia Lummis and Treasury Secretary-elect Scott Bessent have come together in an important meeting to discuss the potential of establishing a strategic Bitcoin reserve for the United States. In a post on X, formerly known as Twitter, Senator Lummis confirmed this significant meeting with a key member of the upcoming administration. Lummis praised Bessent as an advocate for digital assets and a crucial ally in pushing forward her strategic Bitcoin Reserve.
The Crypto-friendly Incoming Administration
President-elect Donald Trump has shown himself to be the first truly pro-crypto presidential candidate during his re-election campaign, consistently endorsing the asset class. His victory sparked great joy in the crypto market, leading to Bitcoin reaching a six-figure price for the first time in history a month later. Now, it seems the incoming administration is taking the necessary steps to fulfill their promises, with the discussion of the Strategic Bitcoin Reserve plan between Senator Lummis and Treasury Secretary Bessent.
Bitcoin Act of 2024
Earlier this year, Senator Lummis introduced the Bitcoin Act of 2024. This legislation proposes that the country creates a reserve of the leading cryptocurrency. This move would reinforce the strength of the US dollar and ensure the US maintains its position as a global cryptocurrency powerhouse. With Trump’s return to the White House, there is immense optimism that the bill will make it through, requiring approval from both the Senate and the House before reaching the Oval Office.
Strategic Bitcoin Reserve Plan
The bill proposes the US to purchase 1 million BTC by 2030, which will be held for at least 20 years. During this period, it would undergo independent proof-of-reserve audits to ensure transparency. Following Trump’s election victory, Lummis expressed her confidence in the legislation’s passing, even predicting that a Bitcoin reserve could be established within Trump’s first 100 days back in office.
Conclusion
This meeting between Senator Lummis and Secretary Bessent signifies an important step towards the acceptance and integration of cryptocurrencies in the United States. With the proposed strategic Bitcoin reserve and the support of the incoming administration, there is a strong possibility that the US could cement its position as a global leader in the crypto market in the near future.
