Strategic Bitcoin Reserve: Senator Cynthia Lummis Pushes US for a Decisive Action

Highlights

Senator Cynthia Lummis pushes the US to take a decision action on the Bitcoin reserve.
The Czech Republic is planning to adopt a strategic Bitcoin reserve.
The US states of Arizona and Utah approved the Bitcoin reserve bill.

The US Strategic Bitcoin Reserve has once again come into focus as the Czech Republic prepares to adopt a BTC reserve. In the latest development, Senator Cynthia Lummis pushed the US to take a decisive action on the Bitcoin reserve proposal ahead of the Czech Republic.

Notably, Senator Lummis’ Bitcoin reserve proposal has influenced countries across the world, with many initiating the creation of their own strategic Bitcoin reserves. Though the Central European country announced its plan to hold the pioneer crypto in its reserve, the US hasn’t yet implemented the BTC reserve scheme.

Senator Lummis Pushes US for Strategic Bitcoin Reserve

In her recent X post, Senator Cynthia Lummis stressed the urgent need for the US to establish a strategic Bitcoin reserve. Reflecting on the Czech Republic’s recent Bitcoin reserve proposal, Senator Lummis urged the US to become the first nation to embrace the BTC reserve. She stated,

If you’re not first, you’re last. America must take decisive action to establish a Strategic Bitcoin Reserve and secure its place in the 21st century.

Driven by Donald Trump’s crypto-focused policies and Bitcoin strategy, several countries, including the Czech Republic, intend to adopt Bitcoin. Recently, the US states of Arizona and Utah approved the Bitcoin bill, moving forward with the progressive financial policy.

Czech Republic To Adopt Bitcoin; Senator Lummis Responds

Senator Lummis’ comments came following the Czech Republic’s proposal to hold billions of dollars worth of bitcoin in its reserves. On Wednesday, Governor Ales Michl revealed the country’s plan to introduce a Bitcoin acquisition bill. If the bill gets approved, the Czech Republic will become the first country to hold a BTC reserve.

Notably, Michl expressed interest in Bitcoin in early January, suggesting it could be added to the Czech National Bank’s (CNB) balance sheet for diversification purposes. However, until recently, it was unclear whether his intentions were genuine or merely exploratory. In the recent move, CNB intends to allocate over $7.3 billion in Bitcoin, equivalent to 5% of the bank’s balance.

Donald Trump’s Crypto Policies Post Inauguration

Despite an initial silence on cryptocurrencies following his inauguration on January 20, Donald Trump released an executive order on digital assets. He signed an order to develop a national digital asset stockpile. While the move focused on the establishment of cryptocurrencies, including stablecoins, Trump hasn’t yet hinted at the adoption of a strategic Bitcoin reserve.

However, Trump’s campaign promises have made it clear that he’s bullish on Bitcoin. Thus, the community is eagerly awaiting his next moves, anticipating a potential adoption of Bitcoin.

Senator Cynthia Lummis’ Strategic Bitcoin Reserve

Earlier in 2024, Senator Lummis announced the historic Bitcoin proposal to boost the US dollar. Introducing the “Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act” in the US Senate, she stated,

Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier.

Nonetheless, the Bitcoin reserve bill still remains an unfulfilled American dream. Senator Lummis’ push for strategic decisions may possibly result in the country’s imminent adoption of the crypto.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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