Senator Cynthia Lummis (R-WY), the chair of the Senate’s Subcommittee on Digital Assets, suggests that the U.S military endorses the creation of a Strategic Bitcoin Reserve (SBR).
In an interview with Bloomberg, the Senator disclosed this view in response to critics, such as Jamie Dimon. For context, Dimon recently criticized the Bitcoin stockpile initiative, emphasizing that it is a waste of resources.
In response, Senator Lummis pointed out that the U.S. military disagrees with Dimon’s opinion about the Strategic Bitcoin Reserve initiative. She suggested that the U.S. military believes it is imperative to have a Bitcoin reserve.
According to her, the military considers Bitcoin a significant tool in the economic war with China. The commentary signals Bitcoin’s potential use as a hedge against economic sanctions or aggression.
Guns, Bullets, and Bitcoin Needed for National Security
The pro-Bitcoin Senator noted that, even though the U.S. must prepare for a potential gun and bullet war, it still needs to establish a Bitcoin reserve.
This suggests that countries will require military readiness and financial resilience, potentially through Bitcoin, to safeguard their interests during economic and armed conflicts.
“All we need to do is look to the leadership of the current U.S. military to find support for a strategic Bitcoin reserve,” Senator Lummis remarked.
US Strategic Bitcoin Reserve
As a vocal supporter of a Strategic Bitcoin Reserve, Senator Lummis has proposed a bill to have the U.S. purchase and hold 1 million BTC. While the bill has not seen much progress since its introduction, President Donald Trump ordered the creation of a Bitcoin-only reserve and a digital asset stockpile for altcoins.
Trump declared that the U.S. would fund the reserves using assets forfeited in civil and criminal actions. However, the country will raise funds through budget-neutral means to grow its Bitcoin holdings.
Lummis Forecasts 10-Year Bitcoin Rally
Meanwhile, Senator Lummis issued a bullish forecast for Bitcoin during the interview. The Senator claims she has a model that points toward a dramatic spike in Bitcoin’s price over the next 10 years.
“This asset has growth potential for the next ten years, which is tremendous,” the Senator added.
Her reasoning stems from the fact that nearly all Bitcoins, representing 99% of the supply, will be mined within this period. Notably, she expects Bitcoin’s price appreciation to slow down after the next 10 years.
Everyone Will Be Involved in the Crypto Economy Like Trump
Meanwhile, Lummis commended President Trump for engaging in the digital economy. Trump’s engagement takes the form of regulatory support and the adoption of cryptocurrencies as reserve assets.
The U.S. President has encouraged Congress to pass sensible and straightforward regulations for the industry, positioning the U.S. as the global crypto capital. Additionally, his family operates various crypto businesses, including a DeFi platform, a stablecoin, and meme coins.
According to Senator Lummis, everyone will eventually get involved in the digital economy in one way or another.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
