Trump's proposal to create a Bitcoin reserve for the United States leaves the industry waiting for more details
The idea of a US government reserve (pushed by Senator Lummis and shared by former President Donald Trump) has been praised by bitcoin investors, but details are scarce.
Former President Donald Trump, a sitting U.S. senator, and some of the biggest names in the world of bitcoin (BTC) investing seem to agree that the United States should start building a reserve of the most important cryptocurrency. But there are few concrete details and it is not an idea that will be implemented in the short term.
Trump didn't explicitly include any details about storing bitcoins when he spoke on stage at Bitcoin 2024, saying only that the United States should hold on to everything it has through existing seizures and whatever it gets in the future as some kind of reserve. .
"For too long our government has violated the cardinal rule that every bitcoin user knows by heart: never sell your bitcoins," Trump told the crowd of bitcoin enthusiasts on Saturday. The Republican candidate for the 2024 presidential election said his policy in a second term would be to maintain current government holdings "as the core of the strategic national bitcoin reserve," which he said would begin to "transform that vast wealth into a permanent national asset to benefit all Americans.
Senator Cynthia Lummis said a bill she is working on would sideline the country's current reserves of more than 200,000 bitcoins and increase them until the United States reaches one million tokens (or nearly 5% of the supply) by converting excess reserves in the Federal Reserve system.
"This is our Louisiana Purchase moment," Lummis said, "Thank you, #Bitcoin❗ ." #BTC☀