U.S. state lawmakers seek assistance to pass a ‘Strategic Bitcoin Reserve’ after winning the elections

U.S. lawmakers are seeking assistance from crypto experts in passing the Strategic Bitcoin Reserve legislative plan after securing victory in the just-concluded elections. Donald Trump made a few promises to the crypto community while speaking at the Bitcoin Conference 2024 in Nashville. Among these promises included establishing a Bitcoin Reserve in the U.S. 

Donald Trump extended his campaigns to the cryptocurrency community in a bid to win votes from the 50 million crypto holders in the U.S. While speaking at the Bitcoin conference in 2024; the former president made a few promises to foster the industry’s growth and make America the global crypto hub. 

Perhaps the most ambitious and consequential promise was the establishment of a Strategic Bitcoin Reserve in the U.S. Federal Reserve. In line with this promise, several state lawmakers have reportedly contacted industry experts after winning their elections to seek assistance in passing the policy. 

Lawmakers consult crypto experts on the Strategic Bitcoin Reserve plan

BREAKING: I can confirm that additional state lawmakers have reached out to me today to request assistance passing a ‘Strategic Bitcoin Reserve’ after winning their elections.

Tag your state lawmaker below if you want your state to join the Strategic Bitcoin Reserve movement.

— Dennis Porter (@Dennis_Porter_) November 8, 2024

Dennis Porter, CEO and co-founder of the Satoshi Act Fund shared that several lawmakers have reached out to him for consultation seeking assistance in passing the Bitcoin reserve policy. Porter urged his 170k X followers to tag state lawmakers on the post’s comment section for their states to join the Strategic Bitcoin Reserve movement.

X users have tagged state representatives from various parts of the country, including Matt Hall, the state representative of Michigan’s 42nd District, Ron DeSantis, the governor of Florida, and Trevor Lee from Utah. Porter confirmed other lawmakers have begun reaching out to him after sharing the post.

On November 6th, the U.S. Senator from Wyoming, Cynthia Lummis, reiterated that the Trump administration is on track to build a strategic Bitcoin reserve following Trump’s victory. 

Bitcoin as a U.S. reserve asset implies that the world’s largest central bank would actively invest in Bitcoin holdings to establish part of its reserves. If Trump fulfills the promise, the entire crypto ecosystem could witness a surge in volume and inflated crypto prices.

The U.S. leads global governments with the largest Bitcoin holdings 

According to Bitcoin Treasuries, the United States is the government with the largest Bitcoin holdings. The U.S. government currently has 208,109 BTC worth $15.81 billion at market prices. 

The assets were seized after investigators shut down Silk Road, an illegal marketplace on the dark web. China trails behind the U.S. with 190,000 Bitcoin worth $14.44 billion, and the United Kingdom falls in third place with 61,245 Bitcoin.

In the same Nashville speech, Trump also promised to support the Bitcoin mining sector in the U.S. to outpace competitors like China. He said that his administration would provide enough electricity to facilitate the Bitcoin mining process. 

He also assured the crypto community that he would fire Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC). According to CoinMarketCap, Bitcoin is currently trading at 76,143, with a 9% gain in the last seven days and a 24-hour trading volume of $58.9 billion.