United States Senator Cynthia Lummis (R-Wyo.) says elements of the nation’s uniformed leadership are now “big supporters” of plans to build a Strategic Bitcoin Reserve (SBR), marking the first time a sitting law-maker has publicly claimed high-level military backing for the project.
The House and Senate are now considering companion “BITCOIN Act” bills that would codify the reserve in statute and authorise Treasury to purchase additional coins with “no incremental cost to taxpayers.” Even so, Lummis conceded legislation to expand or finance the reserve directly is unlikely to surface this session.
Responding to concerns that a BTC build-up might displace bullion, Lummis stressed she has “never proposed selling any of our gold or hard assets.” Instead she would re-value Treasury’s 1934-vintage gold certificates at fair-market prices and swap the accounting uplift into BTC: “convert[ing] our gold certificates to current fair-market value and use those to convert to Bitcoin.”
Asked about JPMorgan Chase chief Jamie Dimon’s call for Washington to hoard “bullets, drones and rare earths” instead of BTC, the senator fired back: “Even the United States military disagrees with him… We have to prepare for a guns-and-bullets war, but we need both.”
Notably, Lummis wants the reserve to be Bitcoin-only. “Bitcoin is based on proof-of-work,” she argued, indicating no appetite to diversify into proof-of-stake assets or stablecoins at the sovereign-reserve level.
At press time, BTC traded at $105,494.
