Pro-Bitcoin Senator Cynthia Lummis Vows To 'Build A Strategic Bitcoin Reserve' As Industry Experts Laud Trump Win

Nov 6, 202419:48 UTC

Senator Cynthia Lummis (R-Wyo.) on Wednesday reiterated her support to build a strategic Bitcoin reserve, aligning with the latest crypto-positive policies from the new administration.

What Happened: Following Donald Trump‘s election as the 47th President, which has driven a crypto market surge, Senator Lummis shared her intentions on X, posting, "We are going to build a strategic Bitcoin reserve." Bitcoin’s price spiked to a new all-time high of $75,358 after the election, reinforcing optimism about a crypto-friendly government.

Crypto Twitter responded enthusiastically to Lummis's tweet, with one user noting her influence on Bitcoin algorithms.

フォリス
@follis_
Cynthia triggering the $BTC algos, love to see it pic.twitter.com/AlxuZispXm
Nov 06, 2024

Prominent voices in the crypto community, such as Sir Doge Of The Coin, proposed that DOGE be used as a transactional currency, while crypto expert Jesse Myers highlighted that supporting a Bitcoin reserve would benefit America's future prosperity.

Samson Mow added that acquiring Bitcoin below $100,000 would be essential, warning of "massive geopolitical ramifications" if the price rises above $500,000.

Also Read: Bitcoin’s Future Under President-Elect Donald Trump: A Look At His Crypto Policies

Why It Matters: The idea of a Bitcoin reserve has been controversial. However, the latest rally in Bitcoin's value, alongside pro-crypto policies from the new administration, has strengthened calls for its establishment.

President-elect Trump had previously advocated for the U.S. to become a "Bitcoin superpower" and suggested the creation of a national Bitcoin reserve.

Senator Lummis, who introduced the Bitcoin Act to support the U.S. dollar and curb national debt, has garnered support for her reserve initiative from industry figures like Pierre Rochard, VP of Research at Riot Platforms.

Critics, including Vitaliy Katsenelson, CEO of Investment Management Associates, and economist Justin Wolfers, remain cautious, warning about potential impacts on the U.S. economy and the dollar's status.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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