Key Takeaways
- Senator Cynthia Lummis hinted at her Bitcoin reserve proposal with a tweet.
- The BITCOIN Act proposes acquiring one million Bitcoins over five years.
- Trump has also expressed enthusiasm for a strategic Bitcoin reserve.
Senator Cynthia Lummis has sparked widespread speculation after tweeting:
“₿ig things are coming👀,”
The tweet is likely hinting at her ambitious Strategic Bitcoin Reserve proposal.
The BITCOIN Act of 2024
The tweet has drawn attention to her recently introduced BITCOIN Act of 2024, which outlines a plan for the U.S. government to acquire and store one million Bitcoins over five years.
The BITCOIN Act mandates the Department of the Treasury to hold these Bitcoins in trust for at least 20 years, unless used to pay off federal debt. The proposal also establishes a Strategic Bitcoin Reserve, consisting of a decentralized network of secure storage facilities across the country. States would be permitted to store Bitcoin holdings within the reserve in segregated accounts.
Growing speculation
Lummis’ tweet coincides with growing speculation around Bitcoin’s role in national strategy.
Coinbase CEO Brian Armstrong recently hinted at former President Donald Trump’s enthusiasm for a similar reserve.
At the 2024 Bitcoin conference, Trump promised to create a national Bitcoin stockpile if re-elected, pledging that the U.S. would retain “100 percent of all Bitcoin” in its possession.
Logical step
Armstrong called a Bitcoin reserve a “logical step,” adding:
The U.S. has reserves in gold, oil, and rare minerals—Bitcoin is the next evolution.
As Lummis and Trump align on Bitcoin policies, the cryptic tweet adds fuel to the future of Bitcoin in U.S. monetary policy.
