Trump Establishes U.S. Bitcoin Reserve; Lummis Gains Bipartisan Support for 1M BTC Plan Amid $2T Bond Proposal

President Donald Trump has signed an executive order establishing a U.S. Strategic Bitcoin Reserve, creating a stockpile of Bitcoin and other digital assets. Senator Cynthia Lummis has reintroduced the Strategic Bitcoin Reserve Act, aiming to purchase 1 million Bitcoin to mirror the federal gold reserves. The bill has gained bipartisan support, with 12 politicians endorsing it so far. Lummis released a hype video promoting the initiative and emphasized that President Trump supports the proposal. Lummis has stated that the Bitcoin Act is a solution to the national debt. Franklin Templeton has also expressed support, suggesting the reserve could help alleviate the deficit. Critics, however, have raised concerns about the clarity of the plan, especially as Bitcoin's price recently dropped to $76,600. Proposals to fund the reserve include issuing $2 trillion in Bitcoin-backed bonds to purchase $200 billion in Bitcoin, as suggested by Newmarket Capital. Observers have also discussed backing 10% of new U.S. Treasuries with Bitcoin to address the $36 trillion national debt.