Trump Endorses Pro-Bitcoin Senator Lummis: Make US The Crypto Capital

Former US President Donald Trump’s endorsement of Senator Cynthia Lummis for her 2026 reelection signals a bold step towards transforming the United States into the “Crypto Capital of the World.” Lummis, a vocal advocate for Bitcoin, aims to integrate digital currencies into the nation’s financial strategy, pushing for legislative changes to support this vision.

• Trump endorses Lummis for 2026 reelection
• Lummis chairs Senate Banking Subcommittee on Digital Assets
• BITCOIN Act proposes Treasury purchase 1 million Bitcoins
• US Strategic Bitcoin reserve aims to reduce national debt

Trump’s endorsement, shared on his Truth Social platform, underscores his support for Lummis’ efforts. “As the Chair of the Senate Banking Subcommittee on Digital Assets, Cynthia is working closely with me to make America the Crypto Capital of the World,” Trump stated. This move highlights a significant political alignment with the cryptocurrency movement, particularly Bitcoin.

Senator Lummis, representing Wyoming—a state known for its pro-crypto stance—responded with enthusiasm, saying, “Powder River Let ‘R Buck. Thank you, President Trump! I will never stop fighting for Wyoming. Its people are proud patriots, freedom maximalists and lovers of liberty.” Bitcoin, a decentralized digital currency, has been at the forefront of Lummis’ legislative agenda. She reintroduced the BITCOIN Act, which proposes the US Treasury purchase 1 million Bitcoins over five years, aiming to establish a significant national holding of this cryptocurrency.

Lummis’ vision extends beyond mere acquisition. She has proposed the establishment of a US Strategic Bitcoin reserve, which she believes could halve the national debt if held for 20 years. “Bitcoin is easy to store, it is unchangeable, it is scarce, we can protect it in individual vaults that can be secure and hold it for 20 years. If it is held for 20 years, pursuant to the best modeling available, we can reduce our national debt by half,” she explained. The term “unchangeable” refers to Bitcoin’s blockchain, where transactions are recorded in a way that cannot be altered once confirmed.

To finance this reserve in a budget-neutral manner, meaning without costing additional taxpayer money, Lummis suggested innovative strategies. One approach involves updating the value of gold certificates held by the Federal Reserve, which are currently valued at their 1974 price of $42 an ounce. “We could take our gold certificates, which are currently held at the Federal Reserve on the books at their 1974 value, which is $42 an ounce. Now, most of us know that gold has gone closer to 3,000 an ounce. So if we took those gold certificates, not physical gold, let’s keep our physical gold. Let’s take the gold certificates, bring them up to current fair market value, and convert them to Bitcoin,” Lummis proposed. Additionally, she suggested using government energy assets to produce Bitcoin, ensuring no new taxpayer dollars are spent.

At the time of this endorsement, Bitcoin was trading at $87,495, reflecting the growing interest and value in the cryptocurrency market. Lummis’ advocacy for Bitcoin aligns seamlessly with Wyoming’s pro-crypto policies, reflecting the state’s values of freedom and innovation. Her efforts to integrate Bitcoin into national financial strategies could mark a significant shift in how the US approaches digital assets, potentially setting a precedent for other nations to follow.

However, while the optimism surrounding Bitcoin and its potential to revolutionize finance is palpable, it’s crucial to acknowledge the challenges and risks involved. The volatility of cryptocurrencies, regulatory uncertainties, and the potential for misuse are all factors that must be considered. Critics argue that Bitcoin’s price swings could jeopardize the proposed reserve’s stability, and regulatory hurdles might complicate its implementation. Lummis’ proposals, while innovative, will need to navigate these complexities to achieve their intended impact.

Trump’s endorsement of a pro-Bitcoin senator is a clear signal of the growing acceptance of digital assets in mainstream politics. It’s a testament to the power of Bitcoin and the broader cryptocurrency movement to disrupt the status quo and push for a more decentralized and innovative financial landscape. Yet, it’s important to approach this with a balanced perspective, acknowledging both the potential and the pitfalls.

Key Takeaways and Questions

• What is the significance of Trump’s endorsement of Cynthia Lummis?

  Trump’s endorsement signifies strong political support for Lummis’ pro-Bitcoin stance and her efforts to position the US as a leader in the cryptocurrency space. It highlights a potential shift in national policy towards embracing digital assets.

• What is the BITCOIN Act and what does it propose?

  The BITCOIN Act is a legislative proposal by Senator Lummis that suggests the US Treasury purchase 1 million Bitcoins over a five-year period, aiming to establish a significant national holding of the cryptocurrency.

• How does Lummis propose to finance a Strategic Bitcoin reserve in a budget-neutral way?

  Lummis proposes updating the face value of gold certificates held by the Federal Reserve to their current market value and converting them to Bitcoin. She also suggests using government energy assets to produce Bitcoin, ensuring no new taxpayer dollars are spent.

• What are the potential economic benefits of a US Strategic Bitcoin reserve according to Lummis?

  Lummis believes that holding Bitcoin for 20 years could halve the national debt, based on current modeling, due to Bitcoin’s potential for long-term value appreciation.

• How does Lummis’ advocacy for Bitcoin align with her representation of Wyoming?

  Lummis’ advocacy aligns with Wyoming’s pro-crypto stance, as the state has been at the forefront of adopting Bitcoin-friendly policies, reflecting its residents’ values of freedom and innovation.

• What are the main challenges and risks associated with Lummis’ proposals?

  The main challenges include the volatility of cryptocurrencies, regulatory uncertainties, and the potential for misuse. These factors must be carefully considered for the proposals to succeed.

• How might Trump’s endorsement impact global crypto policy?

  Trump’s endorsement could signal to other nations that the US is seriously considering integrating cryptocurrencies into its financial strategy, potentially influencing global crypto policy and encouraging other countries to follow suit.