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Whereas 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 concerning the assembly.
Nearly as quickly as Eric Trump retweeted Swan’s put up 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 might point out high-level warning, probably to keep away from front-running an official announcement.
DEVELOPING: Eric Trump RT’d @Swan’s put up 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. Recognized formally because the Boosting Innovation, Expertise, and Competitiveness by means of Optimized Funding 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 sources inside the Federal Reserve System and the Treasury Division.
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Whereas 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 good time speaking with President Donald Trump this morning. Wyoming is prepared 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 observe that throughout the 2024 convention, Trump had floated the concept of transferring BTC seized by legislation enforcement right into a nationwide stockpile. Now, with the pardon promise fulfilled, many in the neighborhood are questioning if the SBR plan could possibly be subsequent on the administration’s agenda.
On prediction platform Polymarket, the chances of an imminent SBR soared from 28% to 44% after information of the pardon broke. These odds had as soon as reached as excessive as 59% round Inauguration Day. As of late, that they had dipped again to round 28%—solely to bounce upward once more following Ulbricht’s launch.
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Crypto analyst often known as Byzantine Normal voiced optimism, posting on X: “The truth that he stored his promise with Ross is an efficient signal IMO that he’s going to comply with by means of 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 however I’ll share this since I’m getting a ton of questions: I’m nonetheless anticipating devoted bitcoin+crypto EOs in coming days. I don’t know what they are saying or precisely after they drop. I additionally absolutely count on the President to ship on the SBR in his first 100 days.”
Anthony Pompliano, Founder & CEO of Skilled Capital Administration, posted a equally assured take: “If Ross Ulbricht bought the pardon, we’re positively getting the Strategic Bitcoin Reserve. Trump will create historical past with the stroke of his pen.”
In a separate dialogue on the World Financial Discussion board, Coinbase CEO Brian Armstrong was requested about President Trump’s stance on establishing a US Bitcoin reserve. Armstrong mentioned:
“Effectively, I didn’t discuss to him about that particularly, however I believe he’s enthusiastic about it. I imply, he actually needs to be the primary Bitcoin president. Cynthia Lummis within the Senate is definitely, I believe, the one driving this laws round a strategic Bitcoin reserve. And I believe it’s a good suggestion. The US truly has reserves in a number of issues, gold, oil, I believe like 27 completely different uncommon minerals like palladium and all this stuff. And so, you realize, I believe the world is transferring to a Bitcoin commonplace for cash. They completely ought to maintain. Any authorities who holds gold must also maintain Bitcoin as a reserve.”
At press time, BTC traded at $105,382.
Featured picture from YouTube, chart from TradingView.com
