In an important step to establish a strategic Bitcoin repository, Senator Cynthia Lummis recently met with incoming Treasury Secretary Scott Bessent, according to a recent report. social media posts on X (formerly Twitter) where Lummis expressed optimism about Bessent’s possible support for digital assets, especially BTC.
Trump Hits the Crypto Bell
The meeting follows shortly after President-elect Donald Trump rang the opening bell of the New York Stock Exchange (NYSE), where he emphasized the need for the US to take decisive action in the cryptocurrency space.
In an interview via CNBC anchor Jim Cramer, Trump said, “We’re going to do something good with crypto because we don’t want China, or anyone else, to be ahead,” emphasizing the urgency of the issue.
Senator Lummis, echoing Trump’s sentiments, extended his help, telling X (formerly of Twitter), “I’m ready to help you make this happen.” Lummis has been a long-time proponent of Bitcoin, likening the current situation to the “Race for Space” and casting it as a race America must win.
Many Bitcoin proponents agree with his view, observing the establishment of strategic storage area as a priority to combat the economic recession that the US has imposed on other countries in recent decades.
However, this pressure on the Bitcoin reserve did not go unnoticed. Some members of the Bitcoin industry argue that while the goal is admirable, the approach may be misplaced.
They point out that the US government holds more than $1 billion in Bitcoin, yet it seems that the focus is on building a safe haven instead of dealing with policies that would prevent malicious confiscation.
One industry leader, speaking on condition of anonymity, noted, “We’re missing the mark by a mile. Shouldn’t we protect our rights instead of focusing on looting?”
Lummis’ Bitcoin Bill Gains Bipartisan Support
In July, Lummis introduced a bill aimed at using existing government funds to buy 1 million BTC. Initially gaining support mainly from Republican lawmakers, the bill has gained traction bipartisan supportespecially from Democratic Congressman Ro Khanna, who advocates for the US to hold its seized Bitcoin as a strategic reserve asset.
The adoption of Bitcoin by nations may result in a gold rush, which may reduce the trend of physical gold ownership. US policymakers may use Bitcoin as a tool to counter efforts by countries like China and Russia, which are moving away from the US dollar and towards precious metals.
While the future of the Bitcoin strategic reserve in the US remains uncertain, this move shows a willingness to accept it technological innovations. For many Americans, it represents a shift toward a more forward-looking administration.
At the time of writing, the leading crypto in the market regained the level of $ 101,420, recording an increase of 1.5% in the weekly period.
Featured image from DALL-E, chart from TradingView.com
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