U.S. Senator Cynthia Lummis reiterated plans for a strategic Bitcoin reserve following pro-crypto electoral victories.
Senator Lummis' Initiative
On November 6, Cynthia Lummis expressed intentions to create a strategic BTC reserve, moving forward with legislation introduced earlier in the year. The 'Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act', or BITCOIN, calls for the U.S. Treasury to purchase one million BTC over five years and highlights long-term investment, with holdings to be secured in government vaults for at least 20 years.
Support from New Lawmakers
Senator Lummis' confidence in the passage of the BITCOIN Act is backed by the support of 278 pro-crypto candidates elected to Congress. The Republicans now hold a majority in both chambers, aiding the initiative's progress.
Impact on Bitcoin Market
Market optimism grows as Bitcoin reaches new record highs, particularly after Donald Trump's election victory. Lummis' proposed Bitcoin reserve heightens interest in state-backed cryptocurrency investments.
Senator Lummis' strategic Bitcoin reserve plans may significantly impact the market and support state cryptocurrency investments.
