U.S. To Start Funding Its Bitcoin Reserve Anytime, Says Senator Lummis as BTC Rally Extends

Michael Adeleke
2 hours ago
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Bitcoin reaches new highs at $126K as Senator Cynthia Lummis reveals the U.S. government will soon begin funding its Strategic Bitcoin Reserve.

Highlights

  • Senator Cynthia Lummis confirmed that the U.S. government is set to begin funding its Strategic Bitcoin Reserve (SBR).
  • The announcement coincides with Bitcoin hitting a new all-time high of $126,000.
  • Bitwise advisor Jeff Park suggested redirecting profits from U.S. gold reserves into BTC.

Senator Cynthia Lummis confirmed that the U.S. government would begin funding its Strategic Bitcoin Reserve at any time. This comes as BTC extends its rally, reaching new yearly highs.

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Senator Lummis Confirms Progress Toward U.S. Bitcoin Reserve

In an X post, Senator Lummis praised President Trump’s role in advancing the initiative. She stated that “the acquisition of funds for an SBR (Strategic Bitcoin Reserve) can start anytime.” This comes as the token hits a new all-time high of $126,000.

Her remarks followed comments made by Bitwise investor Jeff Park during an interview on The Pump Podcast. Park argued that reallocating a portion of the government’s gold profits into the token could strengthen America’s balance sheet.

Park proposed using unrealized gains from U.S. gold holdings to acquire BTC. This suggests that long-term exposure could yield extraordinary returns. 

The latest remarks follow a report from Donald Trump’s Digital Asset Working Group. He had called on U.S. regulators to streamline crypto rules and “usher in the Golden Age of Crypto.” The White House had confirmed that the administration is actively working on establishing both a BTC Reserve and a Crypto Stockpile.

Meanwhile, U.S. Treasury Secretary Scott Bessent revealed that the government’s existing Bitcoin reserves are valued between $15 billion and $20 billion. This is one of the most extensive state-controlled BTC holdings globally. 

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Momentum Builds for Federal and State-Level Reserve Programs

The federal push coincides with several states independently launching their own crypto initiatives. For instance, Texas has created its reserve after Governor Greg Abbott signed SB 21 into law. Under this framework, the state comptroller’s office will directly purchase and hold the token on behalf of the state treasury.

Dennis Porter, CEO of the Satoshi Act Fund, hailed the development as a “historic win,” marking Texas as the third U.S. state to codify the coin accumulation into law. 

Back in June, Representative Tim Burchett recently introduced H.R. 3798, known as Trump’s SBR Bill, to the House of Representatives. The bill seeks to formalize Executive Order 14233 into federal law. The directive was proposed initially to form an SBR. Once enacted, it would compel the U.S. to begin systematically acquiring and holding BTC as part of its official strategic assets.

A number of countries are already benefiting from early adoption. El Salvador now owns Bitcoin worth almost $775 million. Compared to 2022, this was a 162% increase.  With over 6,200 tokens now in circulation, the Central American country has unrealized gains of about $482 million.

Similarly, the UAE emerged as a primary government-level holder of the coin, with an estimated 6,333 BTC, valued at approximately $740 million. The country’s rapid accumulation places it among the top four governments with Bitcoin holdings globally.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.