Stay tuned for 10 A.M.
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
US Strategic Bitcoin Reserve, pretty much confirmed.
Crypto moving at crypto speed again. https://t.co/8qWlt65ARE
— CZ 🔶 BNB (@cz_binance) January 23, 2025
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-2.45%Reading
Will America get a strategic Bitcoin reserve under President Donald Trump? It's still unclear, but growing hopes over the proposal apparently helped propel the asset on Thursday.
Bitcoin had been trading around $101,000 to $102,000 early Thursday before Senator Cynthia Lummis—a noted Bitcoin advocate, and the sponsor of the "Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide Act" (aka Bitcoin Act)—teased imminent news via X (formerly Twitter).
"Big things are coming," she posted, albeit with the Bitcoin logo substituted for the first letter. "Stay tuned for 10am," she added in a follow-up post.
Stay tuned for 10 A.M.
— Senator Cynthia Lummis (@SenLummis) January 23, 2025
Bitcoin immediately surged in price, jumping above $105,000, then dipping back to $103,000, and then jumping higher to a price of nearly $106,000. Nothing came at 10am ET, but at about 10:45am ET, Lummis posted that Senate Banking Committee Chair Tim Scott had named the Wyoming Senator the Chair of the Subcommittee on Digital Assets.
“Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal framework for digital assets and that strengthens the U.S. dollar with a strategic Bitcoin reserve,” said Lummis in a statement.
While some traders had likely been expecting a formal announcement of a Bitcoin strategic reserve, many still took the announcement as good news—because Bitcoin then jumped to $106,732, the highest price since Tuesday, and remains above the $106,000 mark as of this writing. Bitcoin is up almost 3% on the day and nearly 7% this week.
US Strategic Bitcoin Reserve, pretty much confirmed.
Crypto moving at crypto speed again. https://t.co/8qWlt65ARE
— CZ 🔶 BNB (@cz_binance) January 23, 2025
"U.S. Strategic Bitcoin Reserve pretty much confirmed," wrote Binance founder Changpeng "CZ" Zhao. "Crypto moving at crypto speed again."
While "pretty much confirmed" is a subjective interpretation, there has been substantial movement in this direction. Trump ran on a pro-crypto platform and advocated for a national stockpile back at the Bitcoin 2024 conference last July. In recent weeks, following his election win, legislators in several U.S. states have filed bills to potentially establish their own treasury reserves.
Just 42% of bettors expect Trump to establish a national Bitcoin reserve during his first 100 days in office, per data from crypto prediction market platform Polymarket.
Detroit sued crypto real estate startup RealToken LLC and affiliated corporate defendants, in what it says is the largest nuisance abatement lawsuit in its history. Filed Tuesday in Wayne County Circuit Court, the lawsuit names the Florida-based company's co-founders, Remy and Jean-Marc Jacobson, along with 165 corporate defendants. The suit alleges that Real Token, a blockchain-based real estate investment platform, failed to meet health and safety requirements across 400 properties under its...
British and Singaporean officials met in London this week for the 10th UK-Singapore Financial Dialogue, using the talks to align approaches to digital finance, including tokenized assets and artificial intelligence. Held on Wednesday, the meeting brought together representatives from the UK’s Financial Conduct Authority and the Monetary Authority of Singapore, as well as other financial and regulatory representatives. The two countries agreed to continue working together on Project Guardian, a j...
Lawmakers are expected to push for further legislative victories this month following the passage of President Donald Trump's 'Big Beautiful Bill' on Thursday. This time, policymakers will focus on crypto. To that end, House Republicans will attempt to move the needle forward on three industry-specific bills during their freshly announced “Crypto Week,” beginning July 14. The move is a coordinated legislative effort to pass key digital asset bills in the U.S. House of Representatives in the co...