U.S. citizens are advocating for a bill to establish a Strategic Bitcoin Reserve following remarks from former President Donald Trump and Wyoming Senator Cynthia Lummis.

According to Bitcoin proponent Dennis Porter, nearly 3,000 U.S. constituents have requested Senatorial support for a “Strategic Bitcoin Reserve” bill. Porter highlighted that Democratic Senators received the majority of letters, totaling about 1,746. These petitions to co-sponsor are likely in response to and support of Senator Lummis’s crypto legislation.

Nearly 3,000 letters were sent to U.S. Senators asking them to co-sponsor the ‘Strategic Bitcoin Reserve’ bill – Democrats received 60% of the letters.

Senator Lummis recently announced the ‘‘Boosting Innovation Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024’’ or the BITCOIN Act. She first introduced the proposal at Bitcoin 2024 in Nashville, where she shared the stage with Donald Trump.

Echoing Trump’s suggestion to maintain America’s BTC stockpile, Lummis also proposed purchasing 200,000 BTC annually. The bill aims for a total acquisition of 1 million tokens to ensure the U.S. remains a global crypto leader.

If Lummis and Trump’s plan proceeds, America could strengthen its position as the largest geopolitical BTC owner. The U.S. already holds over 200,000 BTC, valued at more than $11 billion, controlling nearly 3% of all BTC in circulation. Most of these holdings originated from crackdowns on Silk Road and other darknet marketplaces.

Creating a strategic BTC reserve still requires Congressional approval and hinges on the outcome of this year’s presidential elections in November. There are speculations that the current administration may not favor the idea. Shortly after Trump’s Nashville speech, the U.S. government moved $2 billion in BTC to an unknown wallet.

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