U.S. Military Figures Backed by Cynthia Lummis in Regard to Bitcoin Reserving
Cynthia Lummis, a U.S. Senator from Wyoming, has announced that several military generals are backing the proposition of a strategic Bitcoin reserve for American interests. In a speech delivered at the Bitcoin 2025 conference in Las Vegas this week, Lummis revealed that these generals consider economic strength a crucial counterpart to military power when facing global adversaries.
She emphasized that such support stems from their understanding that economic power is as significant as military power when engaging with international opponents. The senator did not disclose the identities of these generals during her speech.
Lummis' statement is not a solitary endorsement. Former President Donald Trump is also a reported backer of her proposed Strategic Bitcoin Reserve Act, legislation aimed at adding up to one million Bitcoin to the U.S. Treasury over a five-year period. The President's support for the Act was highlighted by Lummis during her conference address.
Acknowledging Bitcoin as "digital gold," Lummis advocated for the allocation of a similar percentage of Bitcoin to the U.S. gold reserves. She suggested that a strategic Bitcoin reserve could bolster U.S. energy and industrial strategies, particularly in light of China's 2021 Bitcoin mining ban, which she believes has led to a shift in operations towards North America.
In a broader context, Lummis pointed out that the concept of strategic Bitcoin reserves is gaining traction among U.S. states and on a global scale. Numerous American states are currently considering the proposal, with Arizona, Texas, and New Hampshire advancing legislation in 2025 that would allow them to hold Bitcoin as a strategic asset.
In Arizona, for instance, House Bill 2749 has established the groundwork for a Bitcoin stockpile, funded through unclaimed assets and staking rewards rather than direct state investment. Meanwhile, Texas is progressing with Senate Bill 21, which envisions a state-managed Bitcoin reserve stored in cold storage for security purposes.
New Hampshire has taken the lead, passing House Bill 302, which enables the state to allocate 5% of its funds in Bitcoin for diversification purposes.
Moreover, the movement toward strategic Bitcoin reserves is gaining momentum globally. For example, the United Arab Emirates is tapping into Bitcoin through American spot Bitcoin exchange-traded funds, and the Czech Republic is exploring the potential inclusion of digital assets in its diversified asset allocation strategy, as directed by its central bank.
In the ever-evolving world of cryptocurrencies, these strategic reserves could shape the geopolitical landscape significantly, offering a new dimension to nations' economic and security strategies.
- Senator Cynthia Lummis' proposed Strategic Bitcoin Reserve Act, which aims to add up to one million Bitcoin to the U.S. Treasury, has former President Donald Trump's support as well, as she revealed during her conference address.
- The concept of strategic Bitcoin reserves is not limited to the U.S., as numerous American states are considering the proposal, with Arizona, Texas, and New Hampshire advancing legislation in 2025.
- In Arizona, House Bill 2749 has established the groundwork for a Bitcoin stockpile, funded through unclaimed assets and staking rewards rather than direct state investment.
- Texas is progressing with Senate Bill 21, which envisions a state-managed Bitcoin reserve stored in cold storage for security purposes.
- On a global scale, countries like the United Arab Emirates are tapping into Bitcoin through American spot Bitcoin exchange-traded funds, and the Czech Republic is exploring the potential inclusion of digital assets in its diversified asset allocation strategy, as directed by its central bank.
