Senator Lummis Claims Trump Backs Her Bill for US to Buy 1 Million Bitcoin

Keywords: Senator Lummis Bitcoin bill, Trump support crypto, US Bitcoin reserve, Cynthia Lummis Trump, Bitcoin strategic purchase

US Senator Cynthia Lummis has revealed that former President Donald Trump is supporting her proposed legislation to have the United States purchase 1 million Bitcoin as a strategic reserve. This endorsement could significantly boost the bill's momentum, highlighting growing political interest in cryptocurrency at the highest levels.

Lummis' Bold Bitcoin Proposal
Senator Lummis, a Republican from Wyoming and a vocal crypto advocate, introduced the Bitcoin Strategic Reserve Act earlier this year. The bill aims to direct the US government to acquire 1 million BTC over five years, holding it for at least 20 years as a hedge against inflation and economic uncertainty. Lummis argues that Bitcoin, with its fixed supply of 21 million coins, could serve as "digital gold" to bolster national reserves, similar to how the US stockpiles oil or precious metals.

In a recent statement, Lummis said, "President Trump is supporting my bill to buy 1 million Bitcoin," emphasizing the potential for bipartisan appeal. This comes amid Trump's evolving stance on crypto; during his presidency, he was skeptical, but recent campaigns have seen him embrace digital assets, including accepting crypto donations and promising pro-crypto policies if re-elected.

Trump's Shifting Crypto Stance
Trump's support aligns with his recent pro-crypto rhetoric. At the Bitcoin 2024 conference, he pledged to make the US the "crypto capital of the planet" and opposed a central bank digital currency (CBDC). Endorsing Lummis' bill could appeal to crypto enthusiasts in key voter demographics, especially as Bitcoin's price hovers near all-time highs above $60,000.

Analysts note that Trump's backing might pressure other politicians to consider similar measures. "This could be a game-changer for crypto's integration into national policy," said crypto policy expert Perianne Boring, founder of the Chamber of Digital Commerce.

Potential Impacts and Challenges
If passed, the bill would mark a historic shift, positioning the US as a major Bitcoin holder alongside nations like El Salvador. Proponents claim it could stabilize the dollar and drive Bitcoin's value higher, potentially adding trillions to its market cap. With the US debt exceeding $35 trillion, Lummis sees Bitcoin as a diversification tool.

However, critics argue it risks taxpayer money on a volatile asset and could face opposition from anti-crypto figures like Senator Elizabeth Warren. Regulatory hurdles, including SEC oversight, also loom. The bill's fate may hinge on the upcoming elections and congressional dynamics.

Outlook for Crypto Policy
Lummis' announcement underscores crypto's rising political clout. As debates heat up, this could accelerate discussions on a US Bitcoin reserve. For investors tracking Trump support for crypto or Senator Lummis' Bitcoin bill, this development signals potential policy shifts ahead.

Stay updated on US Bitcoin reserve proposals and crypto legislation through our news feed.