US Threatened to Acquire 1 Million Bitcoins, What’s the Strategy?

Jakarta, Pintu News – Senator Cynthia Lummis reintroduced the Bitcoin Bill at a Bitcoin-focused conference, organized by the Bitcoin Policy Institute.

The bill, co-filed by West Virginia Republican Senator Jim Justice, proposes that the US government acquire 1 million Bitcoins (BTC) as part of its national reserve.

Check out the full news below!

Bitcoin Bill Reintroduction

Senator Lummis introduced this legislation in July 2024 but failed to gain enough bipartisan support to move forward. With the start of the new congressional session, Lummis is seeking to revive the effort. Lummis has signaled this announcement before.

He revealed that he will co-host the Bitcoin for America event in Washington, D.C. The event, organized by the Bitcoin Policy Institute, aims to gather leading executives, public officials, and policy experts to explore Bitcoin’s significance in the US economy.

In his announcement, Lummis referred to the Bitcoin symbol, stating, “Big things cooking,” which many interpreted as indicating that major developments or legislative initiatives related to Bitcoin may be imminent.

Also read: New Innovation, Bitwise Presents ETF for Investing in Bitcoin Companies!

Strategic Bitcoin Reservation

This move follows President Donald Trump’s recent executive order establishing the Bitcoin Strategic Reservation. However, Trump’s order focuses more on managing seized crypto assets than new acquisitions.

Lummis’ proposal aims to take a more proactive stance towards Bitcoin adoption at the federal level. By proposing that the US government acquire 1 million Bitcoins (BTC), Lummis is demonstrating a commitment to strengthening the US position in the global digital economy.

The move is also expected to provide economic stability and financial security amid frequent crypto market fluctuations.

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Potential Reactions and Impacts

The reintroduction of this bill has sparked widespread discussion among economists, policy experts, and the general public about Bitcoin’s role in the national currency reserve. Some experts have welcomed the move as a step forward towards wider recognition of crypto as a legal asset.

However, concerns remain regarding Bitcoin’s volatility and its impact on financial stability. The limited bipartisan support for the first proposal suggests that policymakers still have significant doubts about integrating Bitcoin into national financial strategies.

However, with the increasing adoption of crypto in various sectors, Congress could hold more talks and negotiations to explore the potential and risks associated with this proposal.

Conclusion

Senator Lummis’s reintroduction of the Bitcoin Bill marks an important moment in the debate on the role of crypto in US financial and economic policy. While the future of this bill remains uncertain, this initiative clearly shows that Bitcoin and blockchain technology continue to gain serious attention at the highest levels of government.

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Reference

• Crypto News. Lummis Reintroduces Bitcoin Act as U.S. Eyes Strategic BTC Holdings. Accessed on March 12, 2025
• Featured Image: PYMNTS