U.S. Lawmakers Seek Expert Advice to Establish Strategic Bitcoin Reserve Following Election Wins

Following recent election victories, U.S. state lawmakers are proposing an ambitious proposal to create a “Strategic Bitcoin Reserve,” seeking guidance from crypto experts. 

This initiative reflects a growing commitment among certain U.S. officials to embrace Bitcoin as a potential reserve asset, positioning the United States as a leader in digital currency integration. 

The strategic initiative aligns with recent promises by Donald Trump, who addressed the cryptocurrency community directly during the 2024 Bitcoin Conference in Nashville.

Consultation with Crypto Experts for Bitcoin Reserve Policy 

Dennis Porter, CEO and co-founder of the Satoshi Act Fund confirmed that several lawmakers had contacted him to consult on the Strategic Bitcoin Reserve plan. 

Porter, a prominent figure in the crypto space, has encouraged his social media followers to involve their local state lawmakers in the movement, sparking widespread engagement across the platform. 

BREAKING: I can confirm that additional state lawmakers have reached out to me today to request assistance passing a ‘Strategic Bitcoin Reserve’ after winning their elections.

Tag your state lawmaker below if you want your state to join the Strategic Bitcoin Reserve movement.

— Dennis Porter (@Dennis_Porter_) November 8, 2024

Lawmakers such as Michigan’s 42nd District representative Matt Hall, Florida Governor Ron DeSantis, and Utah’s state representative Trevor Lee were tagged by users eager to see their states join the initiative. 

Since his post, Porter reported that additional lawmakers have also begun contacting him to discuss the proposed policy.

Strategic Bitcoin Reserve Gathers Momentum Under Trump-Endorsed Plan

This push for a Bitcoin reserve follows Donald Trump’s recent commitments to the crypto community, particularly his pledge to establish a federal Bitcoin reserve as part of his campaign platform. 

At the Nashville conference, Trump highlighted Bitcoin’s potential to bolster America’s financial security and promised several measures aimed at positioning the U.S. as a global crypto hub. 

If the reserve plan proceeds, the Federal Reserve would invest in Bitcoin, joining traditional assets in its holdings, a decision that could have broad implications for the cryptocurrency market.

U.S. Leads in Bitcoin Holdings Among Global Governments

The U.S. government already possesses the largest Bitcoin reserves globally, holding approximately 208,109 BTC, valued at $15.81 billion at current market prices. 

These holdings primarily stem from assets seized following the shutdown of the Silk Road, a notorious dark web marketplace. In comparison, China holds 190,000 BTC (worth about $14.44 billion), and the United Kingdom ranks third with 61,245 BTC.

Lawmakers’ Growing Engagement with Bitcoin Reserve Policy

Adding to Trump’s commitment, U.S. Senator Cynthia Lummis of Wyoming recently reaffirmed her support for a Bitcoin reserve, aligning herself with the former president’s stance. She highlighted that the current administration plans to pursue this policy actively, which could strengthen America’s position in the evolving digital asset economy.