{"id":2533,"date":"2024-11-12T18:32:06","date_gmt":"2024-11-12T18:32:06","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2533"},"modified":"2024-11-12T18:32:06","modified_gmt":"2024-11-12T18:32:06","slug":"strategic-bitcoin-reserve-can-be-done-in-trumps-first-100-days-us-senator","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2533","title":{"rendered":"Strategic Bitcoin Reserve Can Be Done In Trump\u2019s First 100 Days: US Senator"},"content":{"rendered":"
\n

United States Senator Cynthia Lummis of Wyoming is optimistic that a strategic Bitcoin reserve could be realized quite fast under the incoming Trump administration. Following former President Donald Trump\u2019s proposal<\/a> to create a US strategic BTC reserve, Lummis introduced the Bitcoin Act at the end of July, outlining a comprehensive plan to integrate BTC into the country\u2019s financial infrastructure.<\/p>\n

Lummis\u2019s draft Strategic Bitcoin Reserve Bill<\/a> proposes the establishment of a network of decentralized storage facilities across the United States to securely hold Bitcoin reserves. The bill mandates the US Treasury to purchase 200,000 BTC annually over five years, totaling one million BTC, and requires the government to hold these reserves for a minimum of 20 years. It also calls for implementing a proof of reserves system to verify holdings and consolidating all BTC currently held by the US government into the new reserve.<\/p>\n

The Bitcoin Reserve Hype Is Real<\/h2>\n

Today, Senator Lummis expressed confidence in the plan\u2019s feasibility, stating<\/a> on X: \u201cI believe we can get this done with bipartisan support in the first 100 days IF we have the support of the people. It is a game changer for the solvency of our nation. Let\u2019s put America on sound financial footing and pass the Bitcoin Act!\u201d<\/p>\n

Her post came in response to David Bailey, CEO of BTC Inc., who has been instrumental in advising Trump on pro-crypto policies. As reported<\/a> by Bitcoinist, Bailey had earlier suggested that the BTC reserve could be established swiftly under the new administration. Now, he wrote:<\/p>\n

\n

The Bitcoin and Crypto industry\u2019s policy wishlist is long and pressing\u2026 but the Strategic Bitcoin Reserve is the #1 most urgent and transformational policy on President Trump\u2019s agenda. The downstream effects change everything. We must get it done in the first 100 days.<\/strong><\/p>\n<\/blockquote>\n

Bailey also proposed a broader application of BTC within government programs. He suggested that if Robert F. Kennedy Jr. is appointed Secretary of Health and Human Services and becomes responsible for administering Social Security, there should be a conversation about allocating 5\u201310% of Social Security payments into BTC\u00a0 held at the Strategic Reserve.<\/p>\n

\u201cIf RFK is appointed Secretary of HHS, he\u2019d be responsible for administering Social Security. We ought to have a conversation about putting 5-10% of SS payments into Bitcoin (held at SBR) so social security can become solvent again and Bitcoin\u2019s appreciation is more widely distributed through society,\u201d Bailey writes<\/a> today via X.<\/p>\n

Notably, Robert F. Kennedy Jr. has previously advocated for government investment in BTC. During the Bitcoin 2024 conference, he unveiled a plan for the US to purchase four million BTC to bolster the government\u2019s reserves.<\/p>\n

The anticipation surrounding the Strategic BTC Reserve has significantly impacted the market, pushing the BTC price to an unprecedented high of $89,940 today (on Binance). The proposal has generated considerable buzz, extending beyond BTC circles into mainstream media and Wall Street discussions.<\/p>\n

In an interview<\/a> yesterday, Barbara Goodstein, Managing Partner at R360\u2014a private community for ultra-wealthy centimillionaires\u2014shared her insights on the growing interest in BTC among investors. When asked about their sentiment towards BTC compared to traditional assets like gold, Goodstein expressed enthusiasm, stating, \u201cWe think Bitcoin could become the next strategic reserve asset. The country now holds 232,000 BTC. We think Trump could bump that up to over 1 million.\u201d When asked if BTC would replace gold, she replied that it would \u201caugment\u201d it.<\/p>\n

Anthony Scaramucci, founder of SkyBridge Capital, also weighed in<\/a> on the developments via X. Encouraging those not already invested in BTC to consider it, he wrote, \u201c\u201cTo those not already long Bitcoin (my opinion, not financial advice): it may feel like you missed it, but you didn\u2019t. It\u2019s early. The US will establish Strategic Bitcoin Reserve under great Sen. Cynthia Lummis. Other countries will follow, along with institutional asset allocators, asset managers and FAs\/RIAs. Trump\u2019s victory accelerated the cycle, but BTC was and is inevitable.\u201d<\/p>\n

At press time, BTC traded at $87,747.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

United States Senator Cynthia Lummis of Wyoming is optimistic that a strategic Bitcoin reserve could be realized quite fast under the incoming Trump administration. Following former President Donald Trump\u2019s proposal to create a US strategic BTC reserve, Lummis introduced the Bitcoin Act at the end of July, outlining a comprehensive plan to integrate BTC into […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2533","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2533"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2533\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}