Something big is coming? Crypto-friendly Senator Cynthia Lummis rumored to push for Bitcoin reserve legislation in the U.S.

Rumors of U.S. presidential candidate Donald Trump considering Bitcoin as a reserve asset have been circulating widely. At the same time, Senator Cynthia Lummis, who is known for her crypto-friendly stance and is set to attend the "Bitcoin 2024" conference tomorrow, is reportedly planning to introduce legislation regarding the designation of Bitcoin as a reserve asset.

Key day for Bitcoin this Saturday! Trump to attend Bitcoin conference for fundraising, possibly hinting at "Bitcoin as a reserve asset"?

Rumor: Lummis Intends to Push for U.S. Bitcoin Reserve Asset Legislation

Fox Business reported that Republican Senator Cynthia Lummis, known for her crypto-friendly stance, who is scheduled to speak at Bitcoin 2024 on Saturday at 3 p.m. EST, is rumored to announce a new bill to designate Bitcoin as a U.S. reserve asset.

The report cited three sources close to the senator, stating that Lummis is expected to announce a new bill in the works at the conference, which will require the federal government to hold some Bitcoin as a strategic reserve asset:

She hopes to unveil the plan at the conference on Saturday, just before Trump's speech, and is hopeful that Trump will support the bill and its underlying principles.

It was also mentioned that "the exact timing is still uncertain and may be preempted by a fireside chat with Democratic Representative Tulsi Gabbard earlier in the afternoon."

They revealed that the specifics of the bill have not been made public, but the draft aims to require the Federal Reserve to purchase Bitcoin and hold it as a reserve asset, similar to gold and other foreign currencies, as one of the assets to maintain the stability of the U.S. dollar:

Lummis has been promoting the bill within the Senate Banking Committee, trying to gain support from co-sponsors.

A few days ago, another presidential candidate, Kennedy, also indicated plans to purchase billions of dollars worth of Bitcoin, with the goal of matching the U.S. government's holdings with its gold reserves.

Presidential Candidate Kennedy Calls for Buying $600 Billion in Bitcoin: Aim to Match U.S. Gold Reserves

Cynthia Lummis's Tweet This Week: Major Event on the Horizon!

Earlier this week, Lummis cryptically hinted on Twitter that something significant related to Bitcoin could happen this week,

Leading to speculation linking the current rumors with her tweet, which if true, could reshape global perspectives and policies regarding Bitcoin.

Republican Senator Cynthia Lummis Suggests: Major Event for Bitcoin This Week?

Riot Platforms: Strategic Bitcoin Race About to Begin

Sam Lyman, Director of Public Policy at mining firm Riot Platforms, is optimistic, stating that the bill will kick off a "strategic race" involving Bitcoin:

If the U.S., as the wealthiest country in the world and the home of global capital, has begun to hold Bitcoin on its balance sheet as an asset, other countries will have more incentive to do the same.

However, many scholars are concerned that this move could potentially devalue gold, and the high volatility of Bitcoin could make it difficult for the Federal Reserve to use Bitcoin to hedge economic risks.

Meanwhile, Harris, as a potential Democratic alternative after Biden's withdrawal, has consulted with Mark Cuban on various crypto issues, even though she has stated that she will not attend Bitcoin 2024.

What is Harris's stance on cryptocurrencies? Will she bring a bull market to the crypto market?

The Road to Bitcoin Reserves Seems Far Off

However, the path for Bitcoin to become a reserve asset is far from being a done deal, as it requires discussions and proposals from various government agencies such as the Treasury Department and the Federal Reserve, as well as input from financial and economic scholars, before being approved by Congress. It is indeed a long road ahead.

Can Bitcoin become a U.S. reserve asset? What are the potential implications behind this move?