The Crypto Community Hopes to Create a Bitcoin (BTC) Reserve in the United States

Following Donald Trump's election victory, the crypto community hopes to create a Bitcoin (BTC) reserve in the United States.

Crypto enthusiasts are hoping to establish a Bitcoin (BTC) reserve in the United States following Donald Trump’s successful re-election campaign. They believe that the president-elect, who has expressed support for cryptocurrencies, will sanction such a move.

Proponents of a Bitcoin reserve include Wyoming Senator Cynthia Lummis, who has actively promoted the coin in recent years. Shortly after Trump’s victory was announced on Wednesday, Lummis took to Twitter to declare, “WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE.”

CNF reported earlier this year that the senator had pushed for a bill that would require the Federal Reserve to hold Bitcoin as a strategic reserve asset, similar to how the Central Bank holds gold and foreign currencies. Her team expects Donald Trump to approve the bill and the concept behind it when he takes office.

Lummis had proposed a plan to gradually convert the excess reserves at the 12 Federal banks of the US into Bitcoin over five years. She also suggested that the US government should hold at least 5% of the total BTC supply, or 1 million BTC, as part of its reserves. According to data from Arkham Intelligence, this is approximately four times the US government’s BTC holdings, currently at 218,000 BTC.

The senator’s proposal aligns with Trump’s campaign pledge to support cryptocurrencies, which he believes will strengthen the US dollar and help address concerns over national debt.

MicroStrategy’s Chairman, Michael Saylor, has also expressed support for building a strategic Bitcoin reserve. Spotlighting Senator Lummis’ post, Saylor commented, “The United States needs a Strategic Bitcoin Reserve.”

Meanwhile, the Bitcoin price already reached an all-time high following Donald Trump’s victory yesterday. The leading digital asset surged by 9.6% to $75,198, with speculations that it could reach $100,000. However, the announcement of a BTC strategic reserve in the US might spark a major FOMO among top economies and central banks. For now, the coin is up 0.48% in 24 hours to $74,832.

According to Anthony Pompliano, a popular crypto investor, “If the United States establishes a Bitcoin strategic reserve, it will kick off a global FOMO unlike anything we have ever seen before.”

James Butterfill, head of research at CoinShares, explained that the Bitcoin Act if implemented, could drive considerable institutional and governmental interest in BTC. He believes it would accelerate its growth, increase its value, and likely trigger massive inflows in spot Bitcoin ETFs.

Leclair anticipates that the US will pass a law allowing for active Bitcoin accumulation within the next three months. He expects other countries to prepare quietly as they aim to secure their reserves in advance.

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