Lummis Drops Bombshell: Trump Backs Plan to Hoard 1M Bitcoin as US Treasury Reserve Asset

Wyoming Senator Cynthia Lummis just lit the fuse on Washington’s biggest crypto bombshell yet—claiming former President Trump supports her radical bill to stockpile a million BTC in America’s coffers.

Strategic reserve or political stunt? The proposal would force the Treasury to start accumulating Bitcoin as a hedge against dollar debasement—because nothing says ’fiscal responsibility’ like gambling 20% of the national debt equivalent on volatile digital rocks.

Wall Street’s already snickering at the optics: after decades of GOP goldbug rhetoric, the party’s new standard-bearer wants to YOLO taxpayer money into the ultimate speculative asset. But with China and El Salvador loading up, could this be the play that finally forces DC to take Bitcoin seriously?

Bitcoin puts American workers first: Lummis

In the same speech, Lummis defended Bitcoin’s security while also expressing her view that a Bitcoin reserve would benefit ordinary Americans. Notably, Lummis stated that Bitcoin puts “the everyday American and the everyday worker all over the world in control over their own money.”

As Bitcoin comes into more usage, its use makes the whole system more secure, more robust, and more capable of serving our needs all over the world. We should be the global leader,” Lummis.

The act, which Lummis proposed in the Senate, mandates the U.S. government to acquire 1 million Bitcoins (BTC) over five years. This acquisition would make the U.S. government the largest single holder of Bitcoin, which has a capped supply of 21 million.

Currently, the U.S. government holds about 198,000 BTC, mostly from seized assets, with a combined value of $19 billion. At current prices, the U.S. would need to invest around $76 billion in BTC to reach the 1 million BTC target. However, prices are unlikely to remain stable, as markets would likely see this move as a major bullish signal.

The relatively illiquid supply of Bitcoin, compared to traditional assets, means that Bitcoin’s price would likely rise significantly once the acquisition starts. U.S. would also have to compete with Bitcoin giants such as Strategy, which has announced plans to invest $84 million in BTC.