LOS ANGELES– Bitcoin continued to show strength on Monday and was up $1,467.09, or 1.63 percent, to $91,271.69 per coin.
Much of the recent momentum has been the election of Donald Trump, who has been embraced as the pro-bitcoin candidate during the campaign.
Dennis Porter, the CEO of Satoshi Action Fund, posted on X that he’s heard, during private conversations with people familiar with the matter, that the Trump team is considering an Executive Order for a National ‘Strategic Bitcoin Reserve’ in order to beat any state from passing it into law first. I can confirm that U.S. Senate offices are backing this plan up. Game on President Trump. The race is on.”
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Sen. Cynthia Lummis, R-Wyo., introduced a bill in July calling for a Strategic Bitcoin Reserve to ensure “the transparent management of bitcoin holdings of the Federal Government, to offset costs utilizing certain resources of the Federal Reserve System, and for other purposes.”
Crypto Briefing reported that the bill proposes a “Bitcoin Purchase Program to acquire up to 1 million Bitcoins over five years, held for at least 20 years, with transparency ensured through independent proof-of-reserve audits.”
Trump has not committed to pursuing such an option and dissapointed a BTC conference in July when he did not embrace the idea of a strategic reserve.
Michael Novogratz, the billionaire head of crypto investment firm Galaxy Digital, told Bloomberg that he does not count on a strategic reserve.
“While the Republicans control the Senate, they don’t have close to 60 seats. I think that it would be very smart for the United States to take the Bitcoin they have and maybe add some to it and say we want to show the world that we are going to be a technology first country, a crypto, digital asset first country… I don’t necessarily think that the dollar needs anything to back it up,” he said.