David Sacks, who serves as the crypto czar for Donald Trump, highlighted that establishing a bitcoin reserve is a key priority for the bicameral working group focused on cryptocurrency regulation.

Bitcoin's price has recently skyrocketed to nearly $100,000, a significant increase from under $50,000 at the beginning of 2024, driven by fears of a potential stock market crash.

Previously, Trump had expressed his intention to establish a strategic national bitcoin reserve, stressing the importance of U.S. leadership in cryptocurrency to counteract the influence of nations like China.

Cynthia Lummis has introduced a bill proposing that the U.S. acquire one million bitcoins over the next five years, aiming to create a bitcoin reserve similar to the nation's gold reserve.

Saylor has called on the U.S. government to purchase 20% of the total bitcoin supply, which could mean acquiring between 4 to 6 million bitcoins within a year to secure economic dominance.

Michael Saylor, a prominent bitcoin investor and founder of Strategy, estimates that the proposed bitcoin acquisition could yield benefits ranging from $50 trillion to $80 trillion for U.S. taxpayers and assist in reducing the national debt.

In line with these developments, Lummis has scheduled a subcommittee hearing on bitcoin and cryptocurrency legislation for February 26, 2025.