Support Grows for Strategic Bitcoin Reserve as Lawmakers Recognize Its Potential as a National Asset

Support for a strategic Bitcoin reserve is gaining bipartisan momentum, as lawmakers recognize Bitcoin's potential as a national asset, Forbes reports.

Lawmakers are increasingly showing support for a strategic Bitcoin reserve, with California US representative Ro Khanna now joining the chorus, Forbes reports.

In a statement, Khanna touted Bitcoin’s potential for appreciation and its suitability as a strategic reserve asset.

“Bitcoin that has been seized by the US government should be used as a strategic reserve asset given its potential for appreciation,” he stated in a recent interview.

Initially spearheaded by Senator Cynthia Lummis, the proposal to have the US acquire 1 million Bitcoin now has Democratic backing, signaling a growing bipartisan consensus on integrating Bitcoin into the US financial strategy.

Lummis introduced a bill in July 2024 that would allow the US to purchase 1 million Bitcoin using existing Federal Reserve and Treasury funds.

In her remarks, Lummis likened the proposal to the historic Louisiana Purchase, arguing that this move could cement the US as the largest nation-state holder of Bitcoin.

Representative Khanna's endorsement is particularly noteworthy, given Democrats' traditional cautiousness towards digital assets. However, Khanna has been leading the charge in shaping a "crypto reset" within the Democratic Party, advocating for greater engagement with the industry.

Khanna's stance aligns with that of Republican leaders like Senator Lummis and former President Donald Trump, both of whom have advocated for creating a national Bitcoin reserve.

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