Lummis’s BITCOIN Act and Claim of Trump’s Support
Senator Cynthia Lummis, a Republican from Wyoming and a vocal advocate for cryptocurrencies, introduced the BITCOIN Act in July 2024, proposing that the U.S. Treasury acquire 1 million Bitcoin over five years, equating to about 5% of the total Bitcoin supply, and hold it for at least 20 years (US Senator Lummis Proposes U.S. Buy 1M Bitcoin). On May 2, 2025, during a U.S. Senate speech, Lummis stated, “I’m particularly pleased with President Trump’s support for my strategic Bitcoin reserve initiative, which will address our national debt, while securing America’s position as the global leader in financial innovation,” as reported by crypto.news. This claim was echoed on X, with posts from users like @wagmidotglobal stating, “JUST IN: Senator Cynthia Lummis says President Trump supports her Strategic Bitcoin Reserve bill to buy 1M $BTC!” (X Post by @wagmidotglobal).
Lummis’s legislation, reintroduced on March 11, 2025, aims to codify Trump’s vision, as she stated, “Today, I am proud to reintroduce landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve,” according to her official Senate website (Lummis Reintroduces Legislation). The bill is seen as a solution to the nation’s $36 trillion debt, leveraging Bitcoin’s potential as a store of value.
Trump’s Actions and Statements
President Trump has demonstrated support for the concept of a strategic Bitcoin reserve. On December 12, 2024, during an interview with CNBC’s Jim Cramer, Trump responded, “Yeah, I think so,” when asked about the possibility of a bitcoin strategic reserve, as reported by Pensions & Investments. More concretely, on March 7, 2025, Trump signed an executive order establishing a Strategic Bitcoin Reserve, capitalizing it with Bitcoin already owned by the Treasury from criminal and civil asset forfeitures, and authorizing budget-neutral strategies for acquiring additional Bitcoin (Trump Signs Executive Order). This order, described by White House Crypto Czar David Sacks as “like a digital Fort Knox,” does not specify the 1 million Bitcoin target but aligns with Lummis’s broader vision.
Trump’s pro-crypto stance, including promises at the July 2024 Bitcoin Conference to retain all government-held Bitcoin, further supports Lummis’s claim (Trump Pledges to Protect U.S. Bitcoin). His administration’s actions, such as dropping SEC lawsuits against crypto firms, indicate a favorable environment for Lummis’s legislation.
Market Data and Implications
The proposed 1 million Bitcoin reserve, valued at approximately $96 billion at current prices (around $96,000 per Bitcoin as of May 3, 2025, per [CoinGecko]([invalid url, do not cite])), could significantly impact the crypto market. It would position the U.S. as the largest government holder of Bitcoin, similar to its gold reserves, potentially reducing national debt by half by 2045, as Lummis claims. However, the feasibility is debated, with concerns about market volatility and economic risks, especially given Bitcoin’s price fluctuations in early 2025.
| Metric | Details |
|---|---|
| Proposed Bitcoin Amount | 1 million BTC |
| Acquisition Period | 5 years |
| Holding Period | At least 20 years |
| Estimated Value (May 3, 2025) | ~$96 billion (at $96,000/BTC) |
| Impact on National Debt | Aims to reduce by half by 2045 |
