Senator Lummis Says President Trump Backs Her Plan to Buy 1 Million Bitcoin

On May 2, 2025, Senator Cynthia Lummis took to X to share her ongoing advocacy for the BITCOIN Act, a legislative proposal aimed at tackling the United States' staggering 36 trillion dollar national debt. The Wyoming senator, who has been a vocal supporter of Bitcoin since 2013, reintroduced the bill in March 2025 alongside Congressman Nick Begich.

The initiative seeks to establish a Strategic Bitcoin Reserve by purchasing 1 million Bitcoins over a span of five years, a move Lummis believes could help stabilize the nation’s finances and position the U.S. as a leader in the global digital economy. Her post highlights a notable shift in governmental perspective, particularly as President Trump, once a critic of cryptocurrencies, has recently shown support for such measures since taking office.

In a significant development, President Trump signed an executive order in March 2025 to create a Bitcoin reserve using assets forfeited through criminal and civil proceedings. This aligns with Lummis’s vision of leveraging Bitcoin to counter economic challenges, especially in light of competition from countries like China, which have been exploring digital currencies of their own. The senator expressed gratitude for what she described as a forward-thinking approach from the president, emphasizing that the BITCOIN Act could offer a practical solution to a debt crisis that includes 29 trillion dollars held by the public as of March 2025.

Economic Skepticism Surrounds Bitcoin Reserve Proposal

Despite the enthusiasm, the proposal has not been without scrutiny. A February 2025 survey conducted by the University of Chicago revealed that no economists polled believed a cryptocurrency reserve would provide a net benefit to the U.S. economy. Critics point to Bitcoin’s documented volatility and the intricate nature of the national debt as reasons for caution. The digital asset’s price fluctuations, combined with the complexities of managing a debt of this magnitude, raise questions about the feasibility of Lummis’s plan. While the BITCOIN Act aims to diversify the nation’s financial strategy, the lack of consensus among economic experts underscores the challenges of integrating decentralized currencies into traditional fiscal policy.

Senator Lummis’ advocacy reflects a broader trend of exploring innovative solutions to long-standing economic issues. Her push for the BITCOIN Act comes at a time when the U.S. is grappling with unprecedented financial pressures, and the global landscape of digital currencies is rapidly evolving. Whether this proposal will gain traction in Congress remains to be seen, but it has undoubtedly sparked a conversation about the role of cryptocurrencies in shaping the future of national economies.