There is a push by six U.S. Senators to pass the BITCOIN Act, which would mandate the U.S. government to buy 1 million Bitcoin, worth roughly $80 billion as of March 2025, to create a strategic reserve, building on a recent executive order by President Trump to integrate digital assets into national financial strategy.
Senator Cynthia Lummis, a key advocate for Bitcoin, leads this initiative with five other Republican Senators, aiming to counter the $36 trillion national debt by leveraging Bitcoin to strengthen the U.S. dollar and hedge against inflation, as outlined in a March 2025 CryptoSlate article.
The BITCOIN Act, formally known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (S.4912 in the 118th Congress), is a legislative proposal aimed at integrating Bitcoin into the U.S. government’s financial strategy. Introduced by Senator Cynthia Lummis in 2024, the bill has gained attention for its bold approach to cryptocurrency adoption at a national level.
The BITCOIN Act seeks to position the United States as a leader in cryptocurrency innovation by establishing Bitcoin as a strategic asset. Its primary goals are:
- Create a Strategic Bitcoin Reserve: The U.S. government would hold Bitcoin as a reserve asset, similar to how it holds gold or foreign currencies, to diversify its financial holdings and hedge against economic risks like inflation.
- Promote Financial Innovation: The Act aims to foster competitiveness in the global financial system by embracing blockchain technology and digital assets.
- Offset Economic Challenges: By leveraging Bitcoin, the U.S. could address issues like the $36 trillion national debt (as of early 2025) and the devaluation of the dollar due to inflation.
