Washington D.C. often buzzes with talk of policy and power. This week, however, a different kind of asset took center stage. Key figures from the crypto space, including Strategy co-founder Michael Saylor and Marathon Digital Holdings CEO Fred Thiel, gathered on Capitol Hill. Their mission was clear: to advance legislation that could see the United States acquire a significant store of bitcoin.
- Key figures from the crypto industry met on Capitol Hill to advocate for legislation that would allow the U.S. to acquire a strategic reserve of bitcoin.
- The proposed BITCOIN Act, led by Senator Cynthia Lummis and Representative Nick Begich, aims to establish bitcoin as a national reserve asset, potentially acquiring one million bitcoin over five years through budget-neutral strategies.
- This initiative reflects a growing recognition of bitcoin’s potential as a national asset, moving beyond its speculative nature to be considered for long-term economic and security benefits.
Picture a roundtable discussion, hosted by Senator Cynthia Lummis and Representative Nick Begich. These Republican lawmakers are the driving force behind a bill aiming to establish a “strategic bitcoin reserve” for the nation. It sounds like something from a futuristic novel, yet it is very much a present-day legislative push.
Hailey Miller, who directs government relations for the Digital Power Network (DPN), confirmed the gathering. DPN, an affiliate of The Digital Chamber, is a strong voice in this effort. They want to see bitcoin become a recognized, strategic asset for the U.S.
The BITCOIN Act’s Ambitious Plan
Senator Lummis reintroduced the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act,” or BITCOIN Act, back in March. This bill is not just a casual suggestion. It proposes something quite substantial: establishing bitcoin as a strategic reserve asset. Think of it like the country’s gold cache, but for the digital age.
The idea itself isn’t entirely new. President Trump had previously signed an executive order to create permanent bitcoin holdings. These holdings were envisioned as a store of value, much like the gold in Fort Knox. The BITCOIN Act builds directly upon that foundation, expanding its scope and ambition.
One of the most striking details in Lummis’s bill is its target: acquiring one million bitcoin over five years. That’s a considerable sum, even for a nation’s reserve. The legislation specifies that this acquisition would happen using “budget neutral strategies.” This means the government would not be dipping into new taxpayer funds directly for the purchases.
How might “budget neutral” work? The bill expands on President Trump’s executive order. That order prohibited the sale of bitcoin and other crypto assets forfeited to the U.S. government through criminal or civil proceedings. Instead, these assets would be kept in a separate “stockpile.” It is a clever way to build a reserve without direct appropriations.
This push for a strategic bitcoin reserve arrives as Washington sees a flurry of crypto-related legislative activity. Just this summer, U.S. legislators passed their first crypto-specific bill, focusing on stablecoins. Now, they are looking at regulating the broader crypto industry. It seems digital assets are finally getting serious attention on Capitol Hill.
Miller emphasized the DPN’s goal. They want the strategic bitcoin reserve to be a top priority, and to stay that way. “There is a lot that’s been done in the digital asset space ਦੇ last couple of months,” Miller told The Block. “And there are a whole lot more items on the agenda for this fall.”
She added, “So our real push is to ensure that the BITCOIN Act and a strategic bitcoin reserve remain a priority.” It is a clear statement of intent. The crypto community wants this to move forward, and they are actively lobbying for it.
Navigating the Legislative Labyrinth
The BITCOIN Act currently sits before two powerful committees: the House Financial Services Committee and the Senate Banking Committee. Neither committee has yet scheduled a hearing for the bill. This is where the rubber meets the road in Washington. A bill needs hearings to gain momentum and move through the legislative process.
Miller expects the recent roundtable discussions to focus on the next steps for the BITCOIN Act. A key part of that strategy involves garnering bipartisan support. Right now, the bill enjoys support primarily from Republicans. To pass, it will likely need broader appeal across the political aisle.
The roundtable saw other Republican lawmakers in attendance, alongside several crypto executives. Names like Bitdeer Chief Strategy Officer Haris Basit, Riot Senior Vice President of Public Policy Brian Morgenstern, and Cleanspark CEO Matt Schultz were present. Their presence underscores the industry’s vested interest in this legislation.
The DPN also planned to distribute a “one-pager” during the roundtable. This document would highlight the necessity of the BITCOIN Act. They are framing it as a “bipartisan opportunity.” It is a smart move, trying to bridge the political divide with a shared vision for national asset strategy.
The idea of bitcoin as a national asset, akin to gold, is a fascinating one. For centuries, gold has been a bedrock of national reserves, a tangible symbol of wealth and stability. Bitcoin, a purely digital asset, challenges that traditional view. Yet, its proponents argue it offers similar, if not superior, properties as a store of value in the modern world.
Consider the implications. If the U.S. were to hold one million bitcoins, it would represent a significant stake in the global digital economy. It would signal a profound shift in how the nation views its strategic assets. It would also likely influence other countries to consider similar moves, potentially accelerating global bitcoin adoption.
A Glimpse into Tomorrow’s Economy
The discussions in Washington are not just about a single bill. They reflect a larger conversation about the future of finance and national security. What role will digital assets play in a country’s economic strength? How do we protect and grow national wealth in an increasingly digital world?
The push for a strategic bitcoin reserve suggests a growing recognition of bitcoin’s potential. It moves beyond simply being a speculative asset or a tool for individual investors. It elevates bitcoin to the level of national importance, a resource to be accumulated and held for the country’s long-term benefit.
Whether the BITCOIN Act ultimately passes remains to be seen. The path through Congress is rarely smooth, especially for novel legislation. But the fact that such a bill is being seriously considered, with high-profile industry leaders and lawmakers advocating for it, speaks volumes. It shows that the conversation around bitcoin is maturing, moving from the fringes to the very heart of national policy discussions.
This journey from niche technology to potential national asset is a remarkable one. It makes you wonder what other digital innovations might one day find their place in the halls of power, shaping the economic landscape for generations to come.
