US Bitcoin Reserve? Senator Cynthia Lummis Revives Plans After GOP Victory

Earlier in July, Senator Lummis presented the Bitcoin Act, a proposal for the US government to acquire one million bitcoins - approximately 5% of the total supply - for long-term holding. 

The likelihood of this proposal being accepted has increased, given that pro-crypto lawmakers now hold 17 seats in the Senate, surpassing the 12 seats held by those opposed to digital assets, according to data from Stand with Crypto.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How to Learn Crypto The Easy Way? (Trending Beginners' Strategy)

SUBSCRIBE

ON YOUTUBE

Since taking office in 2021, Lummis has emerged as one of the most vocal supporters of cryptocurrency in Congress, consistently championing policies that support digital asset adoption. Her current term ends in January 2027.

After early election results started showing that Donald Trump and the Republican Party were set to secure the presidency and gain majority control of Congress, Bitcoin's value surged significantly. On November 6, the cryptocurrency shattered previous records, reaching a peak of $76,460.15 before settling at $74,878.93.

The convergence of a favorable political climate and dedicated legislative advocacy paints a promising picture of the future of crypto integration into US economic policy.

In other news, the National Center for Public Policy Research (NCPPR) is pushing Microsoft to invest in Bitcoin, warning that the company might otherwise get sued if the price of Bitcoin rises.