Push to Add Bitcoin to U.S. National Reserves Gains Support
This week, lawmakers and leaders in the digital asset industry met in Washington, D.C. to discuss making bitcoin part of the United States’ national reserves. The meetings focused on the BITCOIN Act, a bill that would have the U.S. government buy up to 1 million bitcoin over the next five years. The goal is to create a permanent Strategic Bitcoin Reserve, similar to how the country holds gold.
Who Attended the Meetings?
The roundtables took place on Tuesday and Wednesday. They included top Republican lawmakers and well-known figures from the bitcoin and crypto world. Some of the key attendees were:
- Senator Cynthia Lummis (R-WY)
- Senator Ted Cruz (R-TX)
- Senator Bernie Moreno (R-OH)
- Senator Marsha Blackburn (R-TN)
- Representative Nick Begich (R-AK)
- Representative Pat Harrigan (R-NC)
- House Speaker Mike Johnson (R-LA)
- House Financial Services Chair French Hill (R-AR)
- Majority Whip Tom Emmer (R-MN)
From the industry side, participants included Michael Saylor, co-founder of Strategy and a major bitcoin supporter, Coinbase CEO Brian Armstrong, Marathon Digital CEO Fred Thiel, and other executives from mining and digital asset companies.
What Is the BITCOIN Act?
The BITCOIN Act aims to have the U.S. government build a strategic reserve of up to 1 million bitcoin. This reserve would act like the gold reserves the U.S. currently holds. Supporters say this move would strengthen America’s financial position and help the country lead in the digital asset space.
Hailey Miller, Director of Government Affairs at the Digital Power Network, said, “Legislators and the executives at yesterday’s roundtable agree, there is a need for a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future.”
The bill was reintroduced by Senator Lummis in March. It builds on an earlier executive order signed by President Donald Trump. That order started the idea of a bitcoin reserve and stopped the government from selling bitcoin seized in criminal or civil cases. The BITCOIN Act goes further by allowing the government to buy more bitcoin, not just hold seized coins.
The proposal suggests using “budget-neutral strategies” to pay for the bitcoin. These could include revaluing gold certificates and using earnings from Federal Reserve banks.
Industry Leaders Support the Bill
Michael Saylor, whose company holds over 638,000 bitcoin, has been a strong supporter of the bill. At the roundtable, he said, “Bitcoin represents economic freedom.” He urged the U.S. to adopt bitcoin as a reserve asset to keep its global financial leadership.
Saylor also said bitcoin is already changing the global financial system. He warned the U.S. must act quickly to stay ahead.
Other executives, like Fred Thiel and Tom Lee of BitMine, agreed. They joined the Treasury Council in sending a letter to Congress asking lawmakers to pass the bill. The letter said a bitcoin reserve would help protect against big financial risks and keep America at the top of the financial world.
Growing Support in Congress
The roundtables showed growing support for the bill within the Republican Party. House Speaker Mike Johnson said House Republicans will work closely with the industry. He said, “We’re in this together.”
Johnson added, “Congress relies upon the insight and expertise of the members of the industry to be able to have policy that allows for further growth and advancement of the industry.”
This push to make bitcoin part of the U.S. national reserves marks a new step in how digital assets could shape America’s financial future.
