US Congress Reviews Bill to Buy 1 Million Bitcoins for Strategic Reserve Over 5 Years

Prominent figures in the Bitcoin community converged on Capitol Hill Tuesday morning to rally support for a proposed strategic Bitcoin reserve and legislation that would require the U.S. government to acquire one million bitcoin over five years.

The event, hosted by the Digital Power Network and the Digital Chamber, brought together GOP lawmakers including Sen. Ted Cruz (R-TX), Sen. Marsha Blackburn (R-TN), Sen. Bernie Moreno (R-OH), Rep. Nick Begich (R-AK), Rep. Pat Harrigan (R-NC), and Rep. Michael Rulli (R-OH) alongside Bitcoin bigwigs such as Michael Saylor, Tom Lee, Fred Thiel, and executives from the major mining firms.

Some attendees told Crypto In America the meeting was productive, with most of the conversation focused on different ways the U.S. could acquire Bitcoin, including options that would not add to the federal budget.

“There is strong agreement that the we need a Strategic Bitcoin Reserve law to ensure its longevity for America's financial future,” said Hailey Miller, Director of Government Relations and Public Policy at the Digital Power Network. “There is strong alignment on the bill's importance and the right next step is to codify the SBR within the broader policy frameworks already advancing.“

The bill is the BITCOIN Act, reintroduced by Sen. Cynthia Lummis (R-WY) in March, which would make bitcoin a national reserve asset on par with gold. Earlier this year, President Trump established a Bitcoin strategic reserve barring the government from selling any bitcoin seized in criminal or civil cases. Lummis’s bill goes further — not just keeping seized coins, but actively buying more.

Outside the crypto world, the idea is controversial, with Lummis herself admitting earlier this year that it could take a long time for her colleagues in Congress to get on board.

In the meantime, Bitcoin advocates are pushing hard to keep the idea alive.

"There is a lot that's been done in the digital asset space these last couple of months, and there are a whole lot more items on the agenda for this fall," Miller said in an interview with The Block. "So our real push is to ensure that the BITCOIN Act and a strategic bitcoin reserve remain a priority.”