Influential Voices Pushing For A Strategic Bitcoin Reserve

Is Strategic Bitcoin Reserve a fringe idea? Not Anymore! Powerful political figures and influential financial and crypto industry figures are not only advocating for the US to adopt Bitcoin as national strategic asset, but other countries too. 

Clearly, this movement was spearheaded by US Senator Cynthia Lummis and supported by President-elect Donald Trump. The proposal has sparked a heated debate about the future of digital assets in national financial strategies.

Recently, Texas introduced a new bill to establish a strategic BTC reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees, and donations, with the collected Bitcoin btc-bitcoin iconBitcoin2.23% held in reserve for at least five years.

By 2049, a Bitcoin reserve could offset approximately $42 trillion in national liabilities, according to the report authored by VanEck’s head of digital asset research, Matthew Sigel, and investment analyst Nathan Frankovitz.

The Proposal: A National Bitcoin Reserve

Senator Lummis, a Republican from Wyoming and one of Congress’s most vocal cryptocurrency advocates, has introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act. 

This legislation proposes that the US Treasury acquire one million bitcoins over five years—approximately 5% of BTC’s total supply. 

Importantly, the purchases would be funded through profits from Federal Reserve deposits and gold sales, with the reserve held for at least 20 years.

Lummis argues that Bitcoin, often referred to as “digital gold,” offers a hedge against inflation and could serve as a long-term savings mechanism.

“This is our Louisiana Purchase moment,” Lummis declared, emphasizing that such a move could help address America’s $36 trillion national debt while securing its position as a global leader in financial innovation.

Explore: US Could Slash National Debt By 35% With 1 Million Bitcoin Reserve

Trump Endorsed The Idea

Likening it to the Strategic Petroleum Reserve established in the 1970s. Trump has suggested that creating a BTC reserve could bolster the dollar’s status as the world’s reserve currency while unlocking trillions in economic value. 

His administration is reportedly considering executive actions to establish this reserve if legislative efforts falter.

Michael Saylor: Bitcoin’s Most Prominent Advocates

Saylor, co-founder and executive chairman of MicroStrategy, has been one of Bitcoin’s most prominent advocates. After adding billions of dollars’ worth of Bitcoin to MicroStrategy’s reserves, Saylor has proposed that the US adopt Bitcoin as a strategic national asset. 

He claims this could generate up to $81 trillion in wealth for the US Treasury by unlocking economic growth and tackling national debt.

Tether CEO Paolo Ardoino: Bitcoin reserves are a very good idea

In an exclusive interview with 99Bitcoins, Ardoino talksed about US elections, the possibility of BTC reserves, the need for “sensible regulations,” the company’s plan to lend to commodity trading firms, competitors like Ripple announcing stablecoins, Artificial Intelligence (AI) and more.

“Bitcoin reserves are a very good idea and very intelligent idea,” he said. “I believe that every country should actually look into it. Because eventually it will happen. And you really don’t want to be the last country to start doing a BTC review in your central bank reserves.”

Related: Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections, Says Bitcoin Strategic Reserve Is A Great Idea: 99Bitcoins Exclusive 

Dennis Porter: Co-Founder, Satoshi Action Fund

Porter has spent years advocating for state and federal governments to adopt BTC reserves. Porter views Bitcoin as a safeguard against inflation and economic instability.

Ro Khanna: Democratic Congressman 

Khanna, California’s Democratic Congressman, has expressed bipartisan support for retaining seized BTC as part of federal reserves rather than auctioning them off.

European Members Of Parliament Advocate For Bitcoin Strategic Reserve

Europe’s French Member of Parliament (MEP), Sarah Knafo, voiced strong support for Bitcoin while opposing the European Union’s plans for a digital euro.

“Yes to a strategic national reserve of Bitcoin,” she insisted.

During a parliamentary session on 16 December 2024, Knafo expressed skepticism about the digital euro project, arguing that it could undermine individual financial autonomy and lead to excessive state control over personal finances.

The post Influential Voices Pushing For A Strategic Bitcoin Reserve appeared first on 99Bitcoins.

Leave a Comment