Is the Bitcoin Strategic Reserve a fringe idea? Not anymore! Powerful political figures and influential figures in the financial and cryptocurrency industry are not only advocating for the United States to adopt Bitcoin as a national strategic asset, but also calling on other countries.
It is clear that this movement was led by US Senator Cynthia Lummis and supported by President-elect Donald Trump. The proposal sparked a heated debate about the future of digital assets in national financial strategies.
Recently, Texas introduced a new bill to create a strategic reserve for Bitcoin. The legislation proposes that the state accept Bitcoin payments for taxes, fees and donations, using pooled Bitcoin 
Bitcoin2.23% Keep it in reserve at least Five years.
By 2049, Bitcoin reserves could offset nearly $42 trillion in national liabilities, According to To the report Written by Matthew Siegel, Head of Digital Asset Research at VanEck, and Investment Analyst Nathan Frankowitz.
Proposal: A national Bitcoin reserve
Senator Lummis, a Republican from Wyoming and one of the most vocal cryptocurrency advocates in Congress, introduced the Promoting Innovation, Technology, and Competitiveness Through Optimal Investment Nationwide (BITCOIN) Act.
This legislation proposes that the US Treasury will acquire 1 million bitcoins over five years – roughly 5% of the total bitcoin supply.
Most importantly, the purchases will be financed by profits from Federal Reserve deposits and gold sales, with reserves held for at least 20 years.
Loomis argues that bitcoin, often referred to as “digital gold,” provides a hedge against inflation and can serve as a long-term savings mechanism.
“It’s a Louisiana Purchase moment,” Loomis declared, asserting that such a move could help address America’s $36 trillion national debt while securing its position as a global leader in financial innovation.
Find out: US could reduce national debt by 35% using 1 million Bitcoin reserves
Trump has supported the idea
Bitcoin strategic reserve is coming
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— ₿itcoin Therapist (@TheBTCTherapist) December 14, 2024
He likened it to the Strategic Petroleum Reserve that was established in the 1970s. Trump suggested that creating a Bitcoin reserve could bolster the dollar’s position as the global reserve currency while releasing trillions in economic value.
His administration is said to be considering taking executive measures to create this reserve if legislative efforts falter.
Michael Saylor: Bitcoin’s most prominent advocate
Saylor, co-founder and CEO of MicroStrategy, has been one of Bitcoin’s most prominent advocates. After adding billions of dollars worth of Bitcoin to MicroStrategy’s reserves, Saylor suggested that the United States adopt Bitcoin as a strategic national asset.
He claims this could generate as much as $81 trillion in wealth for the US Treasury by unleashing economic growth and addressing the national debt..
Paolo Ardoino, CEO of Tether: Bitcoin reserves are a very good idea
In an exclusive interview with 99Bitcoins, Arduino talked about the US elections, the potential for Bitcoin reserves, the need for “reasonable regulations,” the company’s plan to lend to commodity trading companies, competitors like Ripple announcing stablecoins, artificial intelligence (AI) and more. .
“Bitcoin reserves are a very good idea and a very smart idea,” he said. I think every country should actually look into it. Because eventually it will happen. And you really don’t want to be the last country to initiate an audit of the Bitcoin in your central bank reserves.
Related: Tether CEO Paolo Ardoino Hopes for Net Positive from US Election, Says Bitcoin Strategic Reserve is a Great Idea: 99Bitcoins Exclusive
Dennis Porter: Co-founder of the Satoshi Action Fund
Porter has spent years advocating for state and federal governments to adopt Bitcoin reserves. Porter views Bitcoin as an insurance against inflation and economic instability.
Ro Khanna: Democratic Congressman
Khanna, the Democratic congressman from California, expressed bipartisan support for keeping seized bitcoins as part of federal reserves rather than auctioning them off.
MEPs defend Bitcoin Strategic Reserve
Change the digital euro
OUI is a strategic national reserve for Bitcoin
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– Sarah Knafo (@knafo_sarah) December 16, 2024
French Member of the European Parliament (MEP), Sarah Knafo, has expressed strong support for Bitcoin while opposing the EU’s plans for a digital euro.
“Yes to a strategic national reserve of bitcoin,” she insisted.
During a parliamentary session on 16 December 2024, Knafo expressed doubts about the digital euro project, arguing that it could undermine individual financial independence and lead to excessive state control over personal finances.
The article Influential Voices Call for a Strategic Bitcoin Reserve appeared first on 99Bitcoins.