Senator Cynthia Lummis (R-WY) asserted in an X post on Friday that Bitcoin is the sole answer to tackling the United States’ $36 trillion debt while advocating for the BITCOIN Act.
Senator Cynthia Lummis Promotes The BITCOIN Act
Senator Cynthia Lummis expressed her enthusiasm for President Trump’s backing of her Strategic Bitcoin Reserve initiative, emphasizing its potential to tackle the national debt while solidifying America’s leadership in financial innovation.
The proposed legislation, introduced by Lummis and Congressman Nick Begich (R-AK) at the Bitcoin for America Summit in March, aims to establish a federal Bitcoin reserve to position the U.S. at the forefront of digital asset technologies.
Lummis further asserted that widespread Bitcoin adoption could be transformative, empowering workers globally by giving them greater control over their finances.
“As Bitcoin gains traction, its integration strengthens the system, making it more secure, resilient, and capable of meeting global financial needs,” she stated. “The U.S. should lead the way with this groundbreaking, ledger-based digital asset.”
The U.S. Head Towards A Strategic Bitcoin Reserve
Advocates of a Strategic Bitcoin Reserve argue that it would establish the U.S. as a forward-thinking global leader in technology while serving as a safeguard against traditional financial risks.
During his campaign, Trump emphasized the need for a crypto-friendly regulatory framework, pledging to transform the U.S. into the “crypto capital of the world.”
In March, he signed an executive order directing the creation of a Strategic Bitcoin Reserve and a digital asset stockpile to strengthen the nation’s position in the digital economy.
“I am highly optimistic and receptive to cryptocurrency companies and the broader industry,” Trump stated. “Our country must lead the way in this field.”
As of Friday afternoon, Bitcoin saw a modest increase, stabilizing around $97,000.