As a researcher who has followed the cryptocurrency market for years, I find Senator Cynthia Lummis’ plans to build a strategic Bitcoin reserve for the United States government intriguing. Having witnessed the rise and fall of various cryptocurrencies, I have come to appreciate their potential as an asset class that could revolutionize our financial system.
One of Senator Cynthia Lummis’ initial post-election statements highlighted her continued intention for U.S. legislators to construct a strategic Bitcoin savings account, which could potentially be established once the Republican party gains a majority in the Senate by 2025.
In a post on November 6th, Senator Lummis declared her intention to proceed with her plans to create a Bitcoin reserve. The Wyoming Republican had introduced the Bitcoin Act in July, proposing that the US government acquire one million Bitcoins (approximately 5% of the total supply) and hold onto them for at least twenty years.
As a crypto investor, I’m optimistic about the prospect of Lummis and her Senate colleagues having the numbers needed to advance their plans. Lummis’ proposed bill, which is reminiscent of an idea put forth by former Presidential candidate Donald Trump, suggests that the U.S. government should refrain from selling any Bitcoin it seizes. This could potentially have significant implications for the crypto market and my investments in the long run.
Since her tenure began in 2021, Lummis has consistently been one of the most outspoken advocates for cryptocurrency within Congress. Despite not being up for reelection on November 5th, she continued to champion digital asset policies as Republicans, including Trump, ran their campaigns in 2024 with pro-cryptocurrency platforms.
Crypto-backed and pro-crypto candidates win big in US election
With many mainstream news outlets predicting a Trump and Republican victory for the presidency, Senate, and possibly the House of Representatives, the value of Bitcoin skyrocketed to over $76,000. However, it’s important to note that Democrats will maintain control of the Senate until January 3rd, with President Joe Biden serving until his inauguration on January 20th.
Despite uncertainty about who would control the House at the time of publication, some industry figures are speculating that the Democrats’ strong showing could be due to their stance on cryptocurrency. Notably, Democratic Senator Sherrod Brown, a vocal critic of crypto in Congress, lost his seat to Republican Bernie Moreno.
Paul Graham, co-founder of startup accelerator Y Combinator, stated on November 6th in a blog post that the biggest blunder was provoking the entire cryptocurrency community. He further explained that this move was unnecessary as there wasn’t any other group they were trying to appease by such actions.
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2024-11-06 23:25