- Wyoming introduced legislation to allow permanent funds to invest in Bitcoin, aiming for a Bitcoin Reserve.
- Senator Cynthia Lummis and President Trump support Bitcoin reserves to strengthen the US economy and dollar.
- States like Oklahoma and California are following suit with their own pro-Bitcoin legislation.
Wyoming is shaking things up with a bold move: new legislation to let permanent funds invest in Bitcoin. This groundbreaking step hints at the state’s ambition to lead the charge toward a Bitcoin Reserve. Senator Cynthia Lummis, a vocal supporter of the proposal, emphasized its potential to “benefit our state as we lead the nation in financial innovation!”
Bitcoin Reserve in the Spotlight
In a recent meeting, Senator Lummis and incoming Treasury Secretary Scott Bessent discussed the idea of a strategic Bitcoin reserve for the United States. Lummis, known for championing Bitcoin, introduced a similar bill last year, arguing that Bitcoin as a reserve asset could bolster the US economy.
The draft of the Bitcoin Act of 2024 lays out a plan for creating a national Bitcoin reserve, which, according to Lummis, could reinforce the US dollar and maintain the nation’s position as a cryptocurrency leader. However, for this vision to materialize, the bill must clear the Senate, the House, and finally, the president’s desk. With national debt soaring to unprecedented levels, Lummis sees Bitcoin as a potential economic lifeline.
Trump’s Crypto Push
President Donald Trump’s reelection campaign took a crypto-friendly turn, making him the first US president to openly back digital assets. Throughout his campaign, he promoted the idea of the United States becoming the global crypto capital, a stance that resonated with the market. Following his victory, Bitcoin surged past the six-figure mark for the first time—a milestone celebrated by crypto enthusiasts worldwide.
Trump’s support for a Bitcoin reserve has fueled optimism that Lummis’ proposal will gain traction. This level of advocacy from the White House is unprecedented, giving the Bitcoin Act a realistic shot at approval.
State-Level Momentum
Wyoming isn’t alone in its pro-Bitcoin push. Other states, including Oklahoma and California, are also working on Bitcoin legislation. Oklahoma recently unveiled its Strategic Bitcoin Reserve Act, while California has introduced similar measures, signaling growing interest in making Bitcoin a central part of state economies.
The more states that jump on board, the stronger the case for Bitcoin becoming a national reserve asset. With rising institutional adoption and political support, the momentum behind Bitcoin continues to grow. Wyoming’s initiative may just be the beginning of a larger, national shift toward embracing cryptocurrency.
