Bicameral Push for Strategic Bitcoin Reserve
At the 'Bitcoin for America' summit hosted by the Bitcoin Policy Institute in Washington DC, U.S. Senator Cynthia Lummis of Wyoming announced that she will reintroduce the Strategic Bitcoin Reserve legislation (the Bitcoin Act) in the Senate today. 'I am so pleased to announce that today I will be reintroducing The Bitcoin Act,' Senator Lummis stated. 'And I'll be joined here shortly by Senator Justice of West Virginia, who is one of the cosponsors. And we have several other additional cosponsors. And a lot of it is a result of the excitement that's been building.' Current cosponsors include Tommy Tubberville, Marsha Blackburn, Roger Marshall, Bernie Moreno, and Jim Justice, with several more potential cosponsors being contacted.
House Companion Legislation
Complementing Senator Lummis' action, U.S. Congressman Nick Begich announced he will also introduce similar Bitcoin reserve legislation in the House today. 'Today, I will be introducing the Bitcoin Act of 2025 in the United States House,' Congressman Begich said. 'This is a bold and forward looking legislative initiative designed to ensure the United States secures its financial independence and maintains its leadership in the global digital economy.' Lummis concluded that the momentum is in their hands, especially with President Trump's support.
Executive Order vs. Legislative Certainty
Last week, President Donald Trump signed an executive order to create a federal strategic Bitcoin reserve composed of bitcoin confiscated by the federal government from hacks and seizures, estimated at about 200,000 BTC pending an official audit. However, such a reserve could be overturned by future administrations. The Bitcoin Act of 2025 would solve this by requiring the U.S. to purchase 200,000 bitcoin per year until it holds a total of 1,000,000 BTC, to be held for a minimum of 20 years—providing long-term legislative stability.
Potential Impact on National Debt
VanEck, an asset manager with $115 billion in assets under management, claims that this strategic bitcoin reserve 'could help offset national debt.' According to VanEck's analysis, 'If the U.S. government follows the BITCOIN Act's proposed path – accumulating 1 million BTC by 2029 – our analysis suggests this reserve could offset around $21 trillion of national debt by 2049.' This underscores the potential fiscal significance of the reserve.