Is Bitcoin’s Strategic Reserve a Fringe Idea? No more! Powerful politicians and influential figures in the financial and crypto industry are advocating not only for the United States to adopt Bitcoin as a national strategic asset, but also for other countries.
Clearly, this movement was led by U.S. Senator Cynthia Lummis and supported by President-elect Donald Trump. The proposal sparked a heated debate over the future of digital assets in national financial strategies.
Recently, Texas introduced a new bill to establish a strategic BTC reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees and donations, with the Bitcoin collected. held in reserve for at least five years.
By 2049, a Bitcoin reserve could offset approximately $42 trillion in national liabilities, according to to the report authored by Matthew Sigel, VanEck’s Head of Digital Asset Research, and investment analyst Nathan Frankovitz.
The proposal: a national Bitcoin reserve
Senator Lummis, Republican of Wyoming and one of the most vocal advocates of cryptocurrencies in Congress, introduced the Act to Boost Innovation, Technology, and Competitiveness Through Nationwide Optimized Investment (BITCOIN ).
This legislation proposes that the U.S. Treasury acquire one million bitcoins over five years, or approximately 5% of the total BTC supply.
Importantly, the purchases would be financed by profits from Federal Reserve deposits and gold sales, with the reserve held for at least 20 years.
Lummis argues that Bitcoin, often referred to as “digital gold,” provides protection against inflation and could serve as a long-term savings mechanism.
“This is our time to buy Louisiana,” Lummis said, noting that such a move could help resolve the $36 trillion U.S. national debt while securing its position as a global leader in financial innovation .
Explore: US Could Reduce National Debt by 35% With 1 Million Bitcoin Reserves
Trump approved the idea
Incoming Bitcoin Strategic Reserve pic.twitter.com/35xoj2Fznz
– The ₿itcoin Therapist (@TheBTCTherapist) December 14, 2024
Comparing it to the Strategic Oil Reserve created in the 1970s, Trump suggested that creating a BTC reserve could strengthen the dollar’s status as the global reserve currency while unlocking billions in economic value.
His administration would consider executive action to establish this reserve if legislative efforts fail.
Michael Saylor: the most prominent defenders of Bitcoin
Saylor, co-founder and executive chairman of MicroStrategy, has been one of Bitcoin’s most prominent advocates. After adding billions of dollars of Bitcoin to MicroStrategy’s reserves, Saylor proposed that the United States adopt Bitcoin as a strategic national asset.
He claims it could generate up to $81 trillion in wealth for the U.S. Treasury by unlocking economic growth and tackling the national debt..
Paolo Ardoino, CEO of Tether: Bitcoin reserves are a very good idea
In an exclusive interview with 99Bitcoins, Ardoino spoke about the US elections, the possibility of BTC reserves, the need for “reasonable regulations”, the company’s plan to lend to commodity trading companies, competitors like Ripple announcing stablecoins, artificial intelligence (AI) and more. .
“Bitcoin reserves are a very good idea and a very smart idea,” he said. “I think every country should look into it. Because it will happen eventually. And you really don’t want to be the last country to start doing a review of BTC in your central bank reserves.
Related: Tether CEO Paolo Ardoino Hopes for Net Positive US Election Outcome, Says Bitcoin Strategic Reserve is a Great Idea: 99Bitcoins Exclusive
Dennis Porter: co-founder, Satoshi Action Fund
Porter has spent years advocating for state and federal governments to adopt BTC reserves. Porter views Bitcoin as a hedge against inflation and economic instability.
Ro Khanna: Democratic Congressman
Khanna, a Democratic congressman from California, has expressed bipartisan support for keeping seized BTC in federal reserves rather than selling them at auction.
MEPs argue in favor of a strategic Bitcoin reserve
NO to the digital euro
YES to a strategic national reserve of BITCOIN pic.twitter.com/o886lk9uV8
–Sarah Knafo (@knafo_sarah) December 16, 2024
French MEP Sarah Knafo has expressed strong support for Bitcoin while opposing the European Union’s plans for a digital euro.
“Yes to a strategic national Bitcoin reserve,” she insisted.
During a parliamentary session on December 16, 2024, Knafo expressed skepticism about the digital euro project, arguing that it could undermine individual financial autonomy and lead to excessive state control over finances personal.
The post Influential Voices Pushing for a Strategic Bitcoin Reserve appeared first on 99Bitcoins.