US Senator Cynthia Lummis Meets With Incoming Treasury Secretary Scott Bessent to Discuss Establishing a Strategic Bitcoin Reserve

In a significant step toward establishing a US strategic Bitcoin reserve, Senator Cynthia Lummis recently met with incoming Treasury Secretary Scott Bessent

Senator Cynthia Lummis (R-WY) recently met with incoming Treasury Secretary Scott Bessent to discuss the possibility of establishing a US strategic Bitcoin (BTC) reserve, according to a recent social media post by the Senator.

In a recent X (formerly Twitter) post, Lummis shared a photo of herself and Bessent at the US Capitol, expressing optimism about the potential for Bessent to support digital assets, especially BTC.

This meeting comes shortly after President-elect Donald Trump rang the opening bell at the New York Stock Exchange (NYSE), where he highlighted the importance of the US taking strong action in the cryptocurrency sphere.

During an interview with CNBC anchor Jim Cramer, Trump stated, “We are going to do something great with crypto because we don’t want China, or anybody else, to be ahead,” emphasizing the pressing nature of the matter.

Senator Lummis, echoing Trump’s sentiments, offered her assistance, stating on X (formerly Twitter), “I’m ready to help you make this a reality.” Lummis has been a vocal advocate for Bitcoin, likening the current scenario to the “Space Race” and framing it as a competition that America must win.

Many Bitcoin proponents share her vision, seeing the establishment of a strategic reserve as crucial to offsetting the economic decline that the US has imposed on other countries over recent decades.

However, this push for a Bitcoin reserve has faced some challenges within the Bitcoin industry. Some members argue that while the goal is noble, the approach may be misguided.

They highlight that the US government has seized over $1 billion in Bitcoin, yet the focus seems to be on creating a strategic reserve instead of addressing policies that would prevent aggressive asset seizures.

“We’re missing the mark by a mile. Shouldn’t we be protecting our rights rather than focusing on the loot?” commented one industry lead, who wished to remain anonymous.

In July, Lummis introduced a bill that would use available government funds to purchase 1 million BTC. Initially garnering support mainly from Republican lawmakers, the bill has also received bipartisan backing, with Democratic Congressman Ro Khanna notably advocating for the US to take custody of its seized Bitcoin as a strategic reserve asset.

This Bitcoin adoption by nation-states could potentially spark a digital gold rush, reducing the trend towards physical gold ownership. US policymakers may be considering Bitcoin as a strategic tool to counter the efforts of countries like China and Russia, which are increasingly moving away from the US dollar and towards precious metals.

While the fate of a Bitcoin strategic reserve in the US remains uncertain, the initiative signifies a willingness to embrace technological innovation. For many Americans, it represents a shift towards a forward-thinking administration.

At press time, the market-leading crypto has returned to the $101,420 level, showing a 1.5% increase over the weekly time frame.