Senator Cynthia Lummis confirmed that the U.S. government would begin funding its Strategic Bitcoin Reserve at any time. This comes as BTC extends its rally, reaching new yearly highs.
Senator Lummis Confirms Progress Toward U.S. Bitcoin Reserve
In an X post, Senator Lummis praised President Trump’s role in advancing the initiative. She stated that “the acquisition of funds for an SBR (Strategic Bitcoin Reserve) can start anytime.” This comes as the token hits a new all-time high of $126,000.
Her remarks followed comments made by Bitwise investor Jeff Park during an interview on The Pump Podcast. Park argued that reallocating a portion of the government’s gold profits into the token could strengthen America’s balance sheet.
Park proposed using unrealized gains from U.S. gold holdings to acquire BTC. This suggests that long-term exposure could yield extraordinary returns.
The latest remarks follow a report from Donald Trump’s Digital Asset Working Group. He had called on U.S. regulators to streamline crypto rules and “usher in the Golden Age of Crypto.” The White House had confirmed that the administration is actively working on establishing both a BTC Reserve and a Crypto Stockpile.
Meanwhile, U.S. Treasury Secretary Scott Bessent revealed that the government’s existing Bitcoin reserves are valued between $15 billion and $20 billion. This is one of the most extensive state-controlled BTC holdings globally.
Momentum Builds for Federal and State-Level Reserve Programs
The federal push coincides with several states independently launching their own crypto initiatives. For instance, Texas has created its reserve after Governor Greg Abbott signed SB 21 into law. Under this framework, the state comptroller’s office will directly purchase and hold the token on behalf of the state treasury.
Dennis Porter, CEO of the Satoshi Act Fund, hailed the development as a “historic win,” marking Texas as the third U.S. state to codify the coin accumulation into law.
Back in June, Representative Tim Burchett recently introduced H.R. 3798, known as Trump’s SBR Bill, to the House of Representatives. The bill seeks to formalize Executive Order 14233 into federal law. The directive was proposed initially to form an SBR. Once enacted, it would compel the U.S. to begin systematically acquiring and holding BTC as part of its official strategic assets.
A number of countries are already benefiting from early adoption. El Salvador now owns Bitcoin worth almost $775 million. Compared to 2022, this was a 162% increase. With over 6,200 tokens now in circulation, the Central American country has unrealized gains of about $482 million.
Similarly, the UAE emerged as a primary government-level holder of the coin, with an estimated 6,333 BTC, valued at approximately $740 million. The country’s rapid accumulation places it among the top four governments with Bitcoin holdings globally.
Source: https://coingape.com/u-s-to-start-funding-its-bitcoin-reserve-anytime-says-senator-lummis-as-btc-rally-extends/
