Senator Lummis will propose groundbreaking legislation at the upcoming Bitcoin Conference that could potentially change the financial landscape of the United States.
The proposed legislation aims to create a path for the Fed to hold Bitcoin (BTC) as a strategic reserve asset.
The announcement led to speculation that former President Donald Trump, who will speak at the event, might also support the initiative. “There is speculation that Trump may announce the establishment of a US Bitcoin strategic reserve during the Bitcoin 2024 conference in Nashville,” said Markus Thielen, CEO of institutional-focused analysis firm 10x Research.
Thielen emphasized that the BTC price increased by almost 1,900% during Trump's first term, indicating a potential correlation between the Trump administration and the cryptocurrency market.
The US government currently holds 212,000 BTC worth approximately $15 billion. On the other hand, the USA has gold reserves worth 600 billion dollars. “The United States can strategically include BTC in its reserves by diversifying its portfolio and reducing its reliance on traditional assets such as gold and foreign currencies,” Thielen wrote.
*This is not investment advice.
If you think the US will make BTC the new gold standard, you do not understand the US, and should get your head checked. BRICS should do it, but China’s a hater. CBDCs are more realistic, unfortunately.