CandleFocus

Tis the season for campaign promises follow-throughs

Author: Content Editor
President-elect Donald Trump previously suggested the idea of a strategic bitcoin reserve for the United States government. Wyoming US Senator Cynthia Lummis introduced the Bitcoin Reserve Bill, but it did not make progress. However, it is expected that Lummis will revive the legislation in the new congressional term. The concept of a bitcoin reserve has gained attention within the crypto industry, although its importance is uncertain. Some within the industry may be interested in participating in a potential government contract. The existence of a stockpile could also make the US appear more crypto-friendly. However, it is unclear if there is enough political support for the reserve bill, as other legislation regarding market structure and stablecoins is often mentioned. Additionally, the Senate is expected to focus on confirmation hearings and other priorities in the upcoming weeks and months. The potential auction of $6.5 billion worth of bitcoin by the US Department of Justice may serve as a test for the likelihood of a strategic reserve.

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