Senator Lummis to Discuss US Bitcoin Reserve Bill with Industry Leaders

Senator Cynthia Lummis is set to discuss a potential US Bitcoin reserve bill with industry leaders on March 11 in Washington DC. The event, which will bring together prominent CEOs, aims to evaluate the feasibility of establishing a strategic Bitcoin reserve in the US.

Bitwise CEO Hunter Horsley confirmed the initiative's progress on CNBC's Fast Money, stating that the concept is "definitely in play." He noted that it was included in a Trump-era executive order and is currently on the Treasury's agenda. Lummis' bill is a significant step towards formalizing the idea.

Horsley also highlighted the growing global adoption of Bitcoin, citing Mubadala Investment Company's recent purchase of approximately $437 million in BlackRock's Bitcoin ETF. He noted that around 11 countries now have some level of Bitcoin exposure, further legitimizing the digital asset as a strategic investment.

Bitcoin's recent price fluctuations, with BTC dropping below $80,000 for the first time since November, have not deterred Horsley's optimism. He believes that the first quarter is historically the best time for investors to enter the Bitcoin market and predicts that more traditional investors will engage with the asset class during this period.

Horsley sees regulation as the most prominent story in the Bitcoin market currently, acknowledging the importance of price but emphasizing the significance of regulatory clarity for the asset class's growth.