Financial Insights That Matter
Bitcoin and crypto have soared since the election of U.S. president Donald Trump (though the rally has lost momentum, potentially signalling a serious stock market crash).
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The bitcoin price is hovering at just under $100,000 per bitcoin, up from under $50,000 at the beginning of 2024, as JPMorgan issues a serious Wall Street warning.
Now, as a soverign wealth fund suddenly kicks off the global bitcoin adoption “race,” bitcoin-backing U.S. senator Cynthia Lummis has primed the market for a major legislation update—as Michael Saylor pitches his $80 trillion plan for digital economy dominance.
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U.S. president Donald Trump has directed a crypto working group to explore the possibility of a U.S. … [+]
“And so it begins,” Lummis posted to X, quoting a post by the account of the U.S. Senate banking committee on which she serves that queued up a “subcommittee hearing on bitcoin and crypto legislation” and committee chair senator Tim Scott’s nominations hearing.
The committee hearing, titled Exploring Bipartisan Legislative Frameworks for Digital Assets, is set for Wednesday, February 26 at 2:30pm ET.
Lummis, a vocal supporter of bitcoin and crypto, has campaigned for the U.S. to create bitcoin reserve similar to its gold reserve and has written a bill that would see the U.S. buy one million bitcoin over five years.
Earlier this month, Donald Trump’s crypto czar David Sacks held his first press conference to announce a bicameral working group tasked with developing crypto regulation focused on stablecoins and market structure and hailing a “golden age” for crypto.
When asked by a reporter about plans for a bitcoin reserve, Sacks said it was something the group will be looking at.
“That is one of the first things we’re going to look at as part of the internal working group in the administration,” Sacks said. “We’re still waiting for some cabinet secretaries on the working group to be confirmed. But once that’s in place, one of our first steps will be assessing the feasibility of a bitcoin reserve.”
This week, during an appearance at the Conservative Political Action Conference (CPAC), Michael Saylor, the founder of Strategy, a so-called bitcoin treasury company previously known as MicroStrategy that’s bought almost 500,000 bitcoin worth nearly $50 billion, told attendees the U.S. government should buy 20% of the bitcoin supply to secure the country’s dominance of the digital economy.
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The bitcoin price has climbed sharply over the last year, with some predicting the bitcoin price … [+]
“If you want to own the future, you want to own cyberspace,” Saylor said. “How do you own cyberspace? You own bitcoin, and then you run the Bitcoin network. You mine bitcoin; you own bitcoin,” Saylor, who has published a bitcoin framework for the U.S. government that includes the creation of a U.S. strategic bitcoin reserve, said.
Saylor predicted Trump and U.S. lawmakers could buy between 4 million and 6 million bitcoin in as little as 12 months, claiming it would deliver benefits of “$50 trillion to $80 trillion” for U.S. taxpayers and help drive down the spiraling U.S. debt pile.
“There’s only room for one nation-state to buy up 20% of the network. And obviously, I think it should be the United States. I think it will be the United States,” Saylor said.
In December, Trump confirmed he plans to establish a U.S. bitcoin strategic reserve. “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.
“Yes, I think so,” Trump said in response to a question about whether the U.S. will create a bitcoin strategic reserve similar to its oil reserve.
In July, then Republican candidate Donald Trump promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s near-$20 trillion market capitalization during an appearance at the Bitcoin 2024 conference.
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