Binance founder Changpeng Zhao let the cat out of the bag as he claims that a US Bitcoin strategic reserve is “pretty much confirmed”, as Congress is getting its act together with its first-ever subcommittee focused on digital assets.
Strategic Digital Asset Stockpile?
Senator Cynthia Lummis from Wyoming is leading the charge as chair of this new Senate panel, and she’s got some big plans up her sleeve, including a Bitcoin sovereign wealth fund that Republicans are dubbing a strategic national reserve.
Just the mention of it has the market’s hype explode.
Over the weekend, Bitcoin whales were on a buying spree, snatching up coins like they were going out of style.
After the Republicans regained control of Congress last November, the Senate Banking Committee kicked off its first subcommittee on cryptocurrencies.
„A National Bitcoin Reserve? Yes, Please!”
The buzz around a national Bitcoin reserve is so strong that several states are even contemplating their own reserves.
This new Senate subcommittee has an agenda ahead, wanting to normalize US government policy regarding blockchain technology.
In her latest post, Senator Lummis laid out a three-point plan for crypto in 2025, like pass laws that encourage responsible innovation and protect consumers.
They want to put an end to Operation Chokepoint 2.0, and establish America as the global hub for Bitcoin and digital assets.
Crypto analyst Crypto Beast chimed in, saying, “We’re going much higher!” It seems this strategic Bitcoin reserve has some serious backing, including support from former President Trump, who reportedly signed off on the necessary documents.
A new era for America, and the world?
The new subcommittee boasts a lineup of pro-crypto delegates, including Senator Ruben Gallego from Arizona and freshman Senator Bernie Moreno from Ohio.
The latter made waves by defeating the previous chair of the Banking Committee.
Interestingly, Bitcoin’s price reacted unexpectedly to all this news. After the signing of those documents, it dipped to $102,400 before bouncing back to nearly $105,000.
Guess it’s just another day in the life of crypto volatility. But 21 million is 21 million, and tick-tock, next block.
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