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US Senator Lummis unveils Bitcoin reserve legislation following Trump’s keynote

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At Bitcoin 2024, Senator Cynthia Lummis proposed a more detailed plan for a strategic Bitcoin reserve to bolster the U.S. dollar and cement America’s global financial leadership.

After days of anticipation, United States Senator Cynthia Lummis finally announced her proposed legislation to establish a strategic Bitcoin (BTC) reserve. Lummis stated that the proposal is aimed at bolstering the U.S. dollar against inflation and cementing America’s leadership in the global financial system. 

The announcement, made yesterday, July 27, the last day of Bitcoin 2024 in Nashville, came amid a wave of pro-crypto sentiment, amplified by a keynote address from former president Donald Trump, in which he expressed strong support for the cryptocurrency industry. Toward the end of his speech, Trump also revealed a plan to create a national Bitcoin reserve in the U.S., but didn’t elaborate on the proposal.

Bitcoin to shore up USD’s global position

Following Trump’s announcement, Lummis took the stage and explained that the Bitcoin reserve proposal seeks to secure the U.S. dollar’s position as the world’s reserve currency by incorporating Bitcoin into the nation’s strategic reserves. 

“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation,” said the senator for Wyoming. 

Her plan involves the U.S. Treasury Department creating a decentralized network of secure Bitcoin vaults, acquiring one million Bitcoin over a set period, and holding these assets for at least 20 years. 

The only permissible use of this reserve would be to pay down the national debt, with funding sourced by diversifying existing Federal Reserve and Treasury Department funds, Lummis elaborated.

In her speech, the Senator highlighted the urgency of the initiative by pointing to the economic challenges facing American families and the country’s soaring debt levels: 

“Families across Wyoming and the U.S. are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future.”

U.S. Senator Cynthia Lummis, speaking at Bitcoin 2024 in Nashville on July 27

Trump promises national Bitcoin stockpile

The senator’s announcement came immediately after former President Donald Trump took the stage to deliver his highly anticipated keynote address. Trump, who kept attendees waiting for an hour — evidently while his security team did final checks — used the opportunity to reiterate his commitment to transforming the U.S. into the global leader in cryptocurrency.

The Republican candidate for the 2024 presidential race also announced his plan to establish a “strategic national Bitcoin stockpile” if elected. 

He said he would make it a policy in his administration to hold all of the Bitcoin currently in the custody of the United States and any it may acquire in the future. The accumulated coins will then serve as the core of the strategic national Bitcoin reserve.

Trump also promised to overhaul the current regulatory environment, including the dismissal of the current Securities and Exchange Commission Chair, Gary Gensler, who has been criticized for his aggressive approach toward the crypto industry.

The back-to-back announcements from Trump and Lummis have injected significant momentum into the crypto discourse, signaling a potential shift in the U.S. approach to digital assets.



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$2 Million PEPE Purchase Sees 105 Billion Tokens Snapped Up

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.



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Bitcoin Miner MARA Holdings Raises $1B To Buy More Bitcoin

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Bitcoin Miner MARA Holdings has raised approximately $1 billion through the sale of its convertible notes. The Bitcoin miner revealed that some of the proceeds from this sale would be used to buy more BTC, although they didn’t mention the exact amount.

Marathon Digital Raises $1B To Buy More Bitcoin

In a press release, the Bitcoin miner revealed that it had raised net proceeds of $980 million from its convertible notes sale after deducting the initial purchaser’s discounts and commissions but before the estimated offering expenses payable by the company.

This development is significant as MARA Holdings revealed that it will use some of the net proceeds to acquire additional BTC. It is worth mentioning that the Bitcoin miner already holds around 27,000 BTC and is the public company with the second-largest Bitcoin holdings.

This development comes as MARA also recently unveiled plans to raise $700m through convertible notes, which will mature in 2030. Meanwhile, the Bitcoin miner looks to be going head-to-head with MicroStrategy, which also recently upsized its private offering to $2.6 billion. The software company will use some of the proceeds to buy more BTC.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Says Six-Figure Bitcoin Price Incoming – But Warns One Factor Could Delay BTC Rally Till Next Year

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Analyst Benjamin Cowen is leaning bullish on Bitcoin (BTC) while warning that one factor could delay the flagship crypto asset from reaching $100,000 before the end of this year.

In an appearance on The David Lin Report, Cowen says that Bitcoin is primed to hit a six-figure price based on historical precedent.

“If you go look at like year-to-date return on investment (ROI)… and you average out all the prior halving years, we’re actually tracking it pretty closely. So if you average out 2012, 2016 and 2020 and then you overlay 2024, right now Bitcoin is at its average of prior halving years – so it’s basically 2x from the yearly open… the average of the other prior three halving years was also 2x from the yearly open.

You can see that the average from the yearly open by the end of the halving year for those was closer to 3x. So if Bitcoin can continue to follow the cyclical view, then it should be able to [reach $100,000].”

Cowen, however, says that a higher-than-expected unemployment rate could delay Bitcoin’s ascent to a six-figure price.

“I think the only thing that would prevent it from doing so would be labor market results that we’re going to get in two weeks.

So my base case is if the unemployment rate comes in low, let’s say it comes in at 4%, 4.1% maybe even 4.2%, would not be so bad. That would favor the cyclical view prevailing.

If it comes in really hot, for whatever reason, let’s say it comes in at 4.3% or 4.4%, then we might have to wait until 2025 for $100,000. That’s the way I see it right now.”

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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