While the Bitcoin value is hovering just under the previous all-time excessive of December 17, US Senator Cynthia Lummis and Eric Trump reportedly convened on the Capitol yesterday to debate the notion of making an American Strategic Bitcoin Reserve (SBR). Bloomberg’s Steven Dennis broke the information, whereas Swan, a crypto-focused platform, spotlighted Eric Trump’s now-deleted retweet in regards to the assembly.
Almost as quickly as Eric Trump retweeted Swan’s publish referencing talks with Senator Lummis on the SBR, he pulled it down with out clarification. “What’s brewing behind the scenes?” Swan queried in a subsequent tweet, suggesting the swift deletion may point out high-level warning, probably to keep away from front-running an official announcement.
DEVELOPING: Eric Trump RT’d @Swan’s publish about his assembly with Senator Lummis on the American Strategic #Bitcoin Reserve—then rapidly deleted it.
What’s brewing behind the scenes? 🤔 pic.twitter.com/E7nqbieNIQ
— Swan (@Swan) January 22, 2025
This newest buzz follows Senator Lummis’ unveiling of The Bitcoin Act of 2024 final yr, a legislative proposal to formally set up a US strategic Bitcoin reserve. Known formally because the Boosting Innovation, Technology, and Competitiveness via Optimized Investment Nationwide (BITCOIN) Act, the invoice outlines a plan for the U.S. Treasury to accumulate 1 million BTC over 5 years, funded by reallocating present assets throughout the Federal Reserve System and the Treasury Department.
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While particulars stay scarce concerning the progress of the laws, sources point out Lummis’ workplace is working diligently to navigate the political and logistical complexities concerned. Notably, Senator Lummis additionally met with former President Donald Trump over the weekend. Senator John Barrasso revealed through X: “Senator Lummis and I had a great time talking with President Donald Trump this morning. Wyoming is ready for Inauguration Day tomorrow!”
Bitcoin Reserve Rumors Intensify With Ulbricht Pardon
The notion of an SBR has gained renewed momentum following yesterday’s pardon of Ross Ulbricht by President Trump. Analysts word that in the course of the 2024 convention, Trump had floated the thought of transferring BTC seized by legislation enforcement right into a nationwide stockpile. Now, with the pardon promise fulfilled, many locally are questioning if the SBR plan could possibly be subsequent on the administration’s agenda.
On prediction platform Polymarket, the odds of an imminent SBR soared from 28% to 44% after information of the pardon broke. Those odds had as soon as reached as excessive as 59% round Inauguration Day. As of late, they’d dipped again to round 28%—solely to bounce upward once more following Ulbricht’s launch.
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Crypto analyst generally known as Byzantine General voiced optimism, posting on X: “The fact that he kept his promise with Ross is a good sign IMO that he’s going to follow through with supporting crypto.”
David Bailey, CEO of BTC Inc who was instrumental in turning Trump pro-BTC, added to the hypothesis, remarking: “Tonight is about Ross but I’ll share this since I’m getting a ton of questions: I’m still expecting dedicated bitcoin+crypto EOs in coming days. I don’t know what they say or exactly when they drop. I also fully expect the President to deliver on the SBR in his first 100 days.”
Anthony Pompliano, Founder & CEO of Professional Capital Management, posted a equally assured take: “If Ross Ulbricht got the pardon, we are definitely getting the Strategic Bitcoin Reserve. Trump will create history with the stroke of his pen.”
In a separate dialogue on the World Economic Forum, Coinbase CEO Brian Armstrong was requested about President Trump’s stance on establishing a US Bitcoin reserve. Armstrong said:
“Well, I didn’t talk to him about that specifically, but I think he is excited about it. I mean, he really wants to be the first Bitcoin president. Cynthia Lummis in the Senate is actually, I think, the one driving this legislation around a strategic Bitcoin reserve. And I think it’s a good idea. The US actually has reserves in lots of things, gold, oil, I think like 27 different rare minerals like palladium and all these things. And so, you know, I think the world is moving to a Bitcoin standard for money. They absolutely should hold. Any government who holds gold should also hold Bitcoin as a reserve.”
At press time, BTC traded at $105,382.
Featured picture from YouTube, chart from TradingView.com
