U.S. Senator Cynthia Lummis (R-Wyo.) said the element of the country’s uniformed leader is now a “big supporter” of the program to build a strategic Bitcoin Conservation Area (SBR), marking the first time a professional law firm publicly claims senior military support for the project.
Bitcoin reserves gain military support
“There are some generals, especially in Southeast Asia, who think it’s important to have strategic bitcoin inventory because we’re in an economic war with China,” Loomis told Bloomberg late Tuesday. “What we have to do is seek the leadership of the current U.S. military to seek support for the strategic bitcoin reserves.”
Lummis reiterated her plan to accumulate 1 million BTC (about 5% of the supply) and hold it for twenty years. “My purpose is to … articulate half of the U.S. debt,” she said. The senator’s first calculation of funds would rely on bitcoin detained in federal custody: “The starting point is to use funds from the U.S. marshal’s services … to use asset notes in the form of digital assets. This could be the basis for strategic bitcoin reserves.”
Lummis’ remarks came two months after Donald Trump issued Executive Order 14233, all BTC was seized in federal cases and directed institutions to transfer their holdings to a cold wallet run by the Treasury Department.
The House and Senate are now considering codifying the Bitcoin Act bill into the Bitcoin Act bill and authorizing the Treasury to buy additional coins without “no additional costs for taxpayers.” Even so, Lummis acknowledged that legislation to directly expand or fund reserves is unlikely to surface.
“I don’t think we will get this bill in 2025 because our next priority is the market structure,” she said.
Lummis, coping with concerns that BTC accumulation could replace gold and silver, stressed that she “never proposed selling any of our gold or hard assets”. on the contrary[ing] We use gold certificates for current fair market value and use these certificates to convert them into Bitcoin. ”
When asked about JPMorgan chief Jamie Dimon calling for Washington to call for “bullets, drones and rare earths” instead of BTC, the senator fired him: “Even if the U.S. military disagrees with him…we all have to prepare for a gun and a gun battle, but we all need both.”
It is worth noting that Lummis hopes that the reserves are only Bitcoin. “Bitcoin is based on proof of work,” she said. Without appetite diversification, it can be diversified at the level of sovereign reserves into listed proof of assets.
At press time, BTC traded at $105,494.
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