As rumors abound that U.S. presidential candidate Trump will list Bitcoin as a U.S. reserve asset, crypto-friendly congressman Cynthia Lummis, who will also attend tomorrow's Bitcoin conference "Bitcoin 2024", has even reported that she will list Bitcoin as a U.S. reserve asset. Legislate the currency as a U.S. reserve asset.
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ToggleLummis is rumored to be interested in pushing for U.S. Bitcoin reserve asset legislation
Fox Business reported that crypto-friendly Republican Senator Cynthia Lummis, who will speak at Bitcoin 2024 at 3 pm U.S. time on the 26th, is expected to announce a new bill to list "Bitcoin as a U.S. reserve asset."
The report quoted three people familiar with the congressman as saying that Lummis is expected to announce a new bill being developed at the meeting that will require the federal government to hold some Bitcoin as a strategic reserve asset:
She hopes to announce the plan at Saturday's meeting, just before Trump's speech, and hopes he will support the bill and the ideas behind it.
He added, "The exact time has not yet been determined, and it may be exposed first during a fireside chat with former Democratic Representative Tulsi Gabbard in the afternoon."
They revealed that the specific content of the bill has not yet been made public, but the purpose of the draft is to require the Federal Reserve (Fed) to purchase Bitcoin and use it as a reserve asset, just like gold and other foreign currencies, as one of the assets that maintains the stability of the value of the US dollar:
Lummis has been promoting the bill within the Senate Banking Committee, trying to gain support from co-sponsors.
A few days ago, another presidential candidate, Kennedy Jr., also stated that he would purchase hundreds of billions of dollars in Bitcoin, with the goal of making the U.S. government’s holdings the same as gold reserves.
Cynthia Lummis tweets this week: Big things are about to happen!
Earlier this week, Lummis revealed vaguely on X, suggesting that something big might happen to Bitcoin this week.
People can't help but connect today's rumors with this tweet. If they come true, it will subvert the world's views and policies on Bitcoin.
Riot Platforms: The Bitcoin Strategy Competition Is About to Begin
Sam Lyman, director of public policy at miner Riot Platforms, is optimistic about this, saying that the law will become the starting point of the "Bitcoin strategic competition":
If the United States, the world's richest nation and home to global capital, has begun holding Bitcoin on its balance sheet, other countries will have greater incentive to do the same.
However, many scholars are still worried that this move may weaken the value of gold; and the high volatility of Bitcoin may also make it difficult for the Federal Reserve to use Bitcoin to hedge economic risks.
At the same time, Harris, as a potential Democratic alternative after Biden withdraws from the election, has consulted Mark Cuban on multiple encryption issues even though he has stated that he will not attend Bitcoin 2024.
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Is the road to Bitcoin reserves actually a long way off?
However, the path for Bitcoin to become a reserve asset cannot be achieved with just one draft. It must go through discussions and proposals by multiple government agencies such as the Treasury Department and the Federal Reserve , as well as financial and economic scholars, and then be submitted to Congress for approval . In fact, It's a long road.
( Can Bitcoin become a U.S. reserve asset? What are the potential implications? )
