Whereas the Bitcoin worth is hovering slightly below the outdated all-time excessive of December 17, US Senator Cynthia Lummis and Eric Trump reportedly convened on the Capitol yesterday to debate the notion of making an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 submit 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, presumably to keep away from front-running an official announcement.
DEVELOPING: Eric Trump RT’d @Swan’s submit about his assembly with Senator Lummis on the American Strategic #Bitcoin Reserve—then shortly 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 12 months, a legislative proposal to formally set up a US strategic Bitcoin reserve. Identified formally because the Boosting Innovation, Expertise, and Competitiveness by Optimized Funding Nationwide (BITCOIN) Act, the invoice outlines a plan for the U.S. Treasury to amass 1 million BTC over 5 years, funded by reallocating current 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 by way of 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 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 in the neighborhood are questioning if the SBR plan may very well 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. These 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 referred to as Byzantine Normal voiced optimism, posting on X: “The truth that he saved his promise with Ross is an efficient signal IMO that he’s going to observe by 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 once they drop. I additionally absolutely anticipate 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 obtained 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 said:
“Effectively, I didn’t speak 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 plenty of issues, gold, oil, I believe like 27 totally different uncommon minerals like palladium and all these items. And so, you recognize, I believe the world is shifting to a Bitcoin customary for cash. They completely ought to maintain. Any authorities who holds gold also needs to maintain Bitcoin as a reserve.”
At press time, BTC traded at $105,382.
Featured picture from YouTube, chart from TradingView.com