States are likely to adopt Bitcoin (BTC) reserves before the US federal government does, Senator Cynthia Lummis reportedly said on Feb. 28 during the Bitcoin Investor Week conference in New York.
“My bets are that you’ll see a state have a Bitcoin strategic reserve before the federal government,” Lummis said, according to a Bloomberg report.
In July 2024, Lummis, a Wyoming Republican, proposed legislation that would require the US federal government to create a national Bitcoin stockpile.
Her bill, dubbed the BITCOIN Act, calls for the US Treasury Department to gradually accumulate 1 million BTC, ultimately acquiring “a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States,” according to Lummis’ website.
Lummis proposed the Bitcoin Act in July 2024. Source: Cynthia Lummis
Related: Michigan becomes latest state to propose crypto reserve…
