Sen. Cynthia Lummis (R-Wyo.) piqued the curiosity of cryptocurrency enthusiasts Tuesday after stating that funding for a Strategic Bitcoin (CRYPTO: BTC) Reserve can start “anytime.”
Legislating Is A Slog, Says Lummis
In an X post, Lummis said that efforts are underway to work toward the passage of a BITCOIN Act, a bill proposing the acquisition of 1 million BTC over five years, with a 20-year holding period, leveraging budget-neutral strategies like Federal Reserve remittances and gold certificate revaluations.
“Legislating is a slog, and we continue to work toward passage, but thanks to President Trump, the acquisition of funds for an SBR can start anytime,” Lummis said.
See Also: Ray Dalio Doubts Any Central Bank Would Take On Bitcoin As Reserve Currency Despite Many Seeing It As Alternative Money: ‘There’s No Privacy’
Support For Gold Revaluation To Fund SBR
Lummis responded to Jeff Park, Chief Investment Officer at ProCap Financial, who, during a recent interview, pushed for using paper gains on U.S. gold holdings to buy Bitcoin.
“The thing that is really interesting is what if we actually do find a way to find a funding-based liquidity on the trillion dollars of gold and buy Bitcoin,” Park said. “And a trillion dollars of Bitcoin is actually hugely impactful for the Bitcoin market.”
The market value of America’s gold reserves surpassed $1 trillion last month, far above the official $11 billion valuation based on a statutory price of $42.22 an ounce set in 1973.
Will The Government Buy BTC?
Little has come from the executive side since President Donald Trump signed an order to establish a Bitcoin reserve earlier this year. Trump's crypto advisor, David Sacks, said in May that the path to acquiring Bitcoin was ready, and it’s just a matter of getting the Commerce Department and the Treasury Department “excited.”
Interestingly, Treasury Secretary Scott Bessent stated in August that the government would not buy additional BTC and expressed “doubt” about revaluing gold, but later signaled that budget‑neutral options to expand the reserve were being considered.
The U.S. government holds 198,021 BTC, worth approximately $24.17 billion, according to on-chain analytics firm Arkham, with the majority seized from criminal and civil forfeiture proceedings.
Price Action: At the time of writing, BTC was trading at $122,083, down 1.96% over the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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