Discussions regarding the establishment of a strategic Bitcoin reserve in the U.S. have become increasingly active recently, especially with political figures potentially proposing new laws and gaining approval. One of the most notable proposals is the 2024 Bitcoin bill introduced by U.S. Senator Cynthia Lummis. The bill suggests that the U.S. Treasury and the Federal Reserve (Fed) buy 200,000 Bitcoins annually over the next five years, accumulating a total of 1 million Bitcoins, which would account for about 5% of the total Bitcoin supply.
On the show Timcast hosted by American commentator and journalist Tim Pool, Bitcoin payment platform Strike founder Jack Mallers discussed:
Trump plans to sign an executive order on his first day in office to immediately initiate a strategic Bitcoin reserve plan.
Jack Mallers jokingly said, "Trump is considering issuing an executive order on his first day in office." Then, host Tim Pool responded in shock, saying, "Sorry. Are you saying that the executive order on the first day will establish a Bitcoin reserve for the U.S.?"
Jack Mallers responded, saying, "Yes. I know some people are concerned about the Stable Dollar Act because it gives the president significant leeway to protect the dollar, and there is a possibility of using an executive order on the first day to buy Bitcoin."
It may not reach a scale of 1 million, but it will be a significant position and will send a message from the U.S.
It is currently unclear whether Jack Mallers' statement is genuine or just talk. However, when Trump rang the bell at the New York Stock Exchange last week, he told financial media (CNBC): "We are going to do great things with cryptocurrency." When asked if the U.S. would establish a Bitcoin strategic reserve similar to the oil reserve, Trump replied, "Yes, that's what I'm thinking."
The idea of a strategic Bitcoin reserve may be just the positive news that cryptocurrency supporters have been waiting for to turn the tide.
With the support of Trump and legislative backing from key figures like Senator Cynthia Lummis, the U.S. could witness a new era where digital assets become part of national policy, potentially changing the way the financial system treats currency reserves.
The impact of this action could be massive and mysterious. If Trump sticks to his idea and implements it, it could mean a change in the government's view and utilization of Bitcoin, potentially encouraging global adoption and proving that Bitcoin is not just a speculative asset but a fundamental component of economic strategy.
