Michaela
Senator Cynthia Lummis has said the United States could begin funding its proposed Strategic Bitcoin Reserve (SBR) at any time, but progress has been held back by ongoing legislative delays.
Key points:
- Senator Cynthia Lummis said funding for the U.S. Strategic Bitcoin Reserve could begin “anytime” under President Trump’s direction but remains stalled by legislative delays.
- The remarks followed a discussion by Jeff Park and Bitcoin advocate Anthony Pompliano on how U.S. gold gains could be reinvested into Bitcoin to offset national debt.
- Treasury Secretary Scott Bessent reaffirmed that the government is exploring budget-neutral options to acquire Bitcoin, with seized BTC forming the foundation of the reserve.
In a post on X, Lummis said that acquiring funds for an SBR could “start anytime” under President Donald Trump’s direction, though she acknowledged that progress is being slowed by a “slog” in the legislative process.
Lummis’ remarks came in response to a post by Jeff Park, chief investment officer at ProCap BTC, who shared a video featuring himself and Bitcoin advocate Anthony Pompliano discussing the potential establishment of a Bitcoin Reserve.
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During the discussion, Park speculated on a scenario where the U.S. government could reinvest its $1 trillion in unrealized gains from gold holdings into Bitcoin. He argued that, considering the nation’s roughly $37.88 trillion in fiscal debt, allocating those paper gains toward Bitcoin would represent only a marginal risk in the broader financial context.
“If you own Bitcoin, and you assume that it’s going to go up by 12% a year, you’ll make a 30x in 30 years,” Park said. “It’s actually going to be able to cover most of the fiscal deficit hole that exists,” he added.
Lummis described the discussion as a “fabulous articulation” of the rationale behind establishing a U.S. Bitcoin Reserve and advancing the BITCOIN Act, a bill she is sponsoring in the Senate.
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How the government plans to raise capital for the Strategic Bitcoin Reserve remains uncertain. In August, Treasury Secretary Scott Bessent said the department is still evaluating budget-neutral methods to acquire Bitcoin, clarifying earlier comments that appeared to indicate the initiative had been abandoned.
“Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve,” Bessent wrote in a post on X. Bessent added that Bitcoin already seized by the federal government would form the foundation of the Strategic Bitcoin Reserve. His clarification came after an interview with FOX Business, where earlier comments had led to speculation that the Treasury was no longer pursuing Bitcoin acquisitions.
As discussions around the Strategic Bitcoin Reserve continue, lawmakers and policymakers appear divided on how and when to integrate Bitcoin into the nation’s financial framework. For now, the proposal remains a symbol of the broader debate over digital assets’ place in U.S. economic strategy and global monetary influence.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
