Trump Backs Bitcoin Act Aims to Establish One Million Bitcoin Reserve

President Donald Trump has expressed support for the Bitcoin Act, a landmark legislation introduced by Wyoming Senator Cynthia Lummis. The bill, which aims to establish a U.S. reserve of one million Bitcoins over five years, was reintroduced in March. The acquisitions would be financed using existing funds within the Federal Reserve System and the Treasury Department, ensuring a budget-neutral approach that does not burden taxpayers.

Lummis made the announcement at the Bitcoin 2025 conference in Las Vegas, emphasizing that Trump's backing for the bill is a significant step towards recognizing the strategic importance of Bitcoin. The legislation is part of a broader strategy to create a Strategic Bitcoin Reserve, managed by the U.S. Treasury. This move aligns with the Trump administration's focus on fiscal responsibility and innovation in financial technology.

The Bitcoin Act has garnered support from various sectors, including military generals who see the strategic advantages of holding Bitcoin as a reserve asset. The bill is expected to be discussed on the Senate floor in the near future, with the potential to mark a historic moment in the evolution of digital currencies. If passed, it would solidify the U.S. position as a leader in the crypto ecosystem and enhance the credibility of Bitcoin as a store of value.

In addition to the Bitcoin Act, the Trump administration is also working on legislation related to stablecoins and market structure. Lummis mentioned that the Senate Banking Committee has passed the stablecoin bill out of committee and is close to being ready for a floor vote. The administration has a team dedicated to digital asset issues, including the Bitcoin Strategic Reserve, and is expected to roll out related legislation in the coming weeks.

The support from President Trump and key senators underscores the growing acceptance of Bitcoin within mainstream financial and political circles. The potential impact of a U.S. reserve of one million Bitcoins on the global cryptocurrency market is a topic of ongoing discussion. Proponents argue that it could stabilize the market, while critics raise concerns about potential risks and regulatory challenges.