Overview
- Senator Cynthia Lummis said on X that a Strategic Bitcoin Reserve is the only solution to offset the national debt and praised the president for embracing the concept.
- In a Bloomberg interview, she said there is no traction on converting U.S. gold and noted the administration is evaluating other ways to build a reserve.
- The BITCOIN Act proposes government purchases of 200,000 BTC annually for five years with holdings kept for two decades as a long-term hedge.
- Key details on funding and legal authority remain unsettled, and separate reports of roughly $14 billion in recovered U.S.-held BTC have not been fully verified.
- Bitcoin traded near $101,000 to $102,000 after a drop that briefly took it below $100,000, leaving prices down about 10% for the week.