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US Senator Cynthia Lummis Urges US to Establish Bitcoin Reserve After Czech Republic's Announcement

Coin WorldWednesday, Jan 29, 2025 6:02 pm ET

1min read

In a significant development, the Czech Republic has announced plans to adopt a Bitcoin reserve, a move that has caught the attention of US Senator Cynthia Lummis. Lummis has urged the US to take action on its own Bitcoin reserve proposal, emphasizing the need for the country to secure its place in the 21st century.

Lummis' proposal has inspired other countries to consider creating their own Bitcoin reserves, but the US has yet to implement the plan. The Senator has highlighted the urgent need for the US to establish a strategic Bitcoin reserve, stating, "If you’re not first, you’re last. America must take decisive action to establish a Strategic Bitcoin Reserve and secure its place in the 21st century."

Inspired by Donald Trump's crypto policies, countries like the Czech Republic are moving to adopt Bitcoin. Meanwhile, Arizona and Utah have recently passed Bitcoin bills, pushing forward progressive financial policies. Notably, Senator Lummis made her comments after the Czech Republic announced plans to hold billions of dollars in Bitcoin reserves.

On Wednesday, Governor Ales Michl revealed the country’s intention to introduce a Bitcoin acquisition bill, which, if passed, would make the Czech Republic the first nation to hold a BTC reserve. In early January, Governor Michl expressed interest in adding Bitcoin to the Czech National Bank’s (CNB) balance sheet for diversification. CNB has now revealed plans to allocate over $7.3 billion, or 5% of its balance, into Bitcoin.

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