Will America get a strategic Bitcoin reserve under President Donald Trump? It’s still unclear, but growing hopes over the proposal apparently helped propel the asset on Thursday.

Bitcoin had been trading around $101,000 to $102,000 early Thursday before Senator Cynthia Lummis—a noted Bitcoin advocate, and the sponsor of the “Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide Act” (aka Bitcoin Act)—teased imminent news via X (formerly Twitter).

“Big things are coming,” she posted, albeit with the Bitcoin logo substituted for the first letter. “Stay tuned for 10am,” she added in a follow-up post.

Bitcoin immediately surged in price, jumping above $105,000, then dipping back to $103,000, and then jumping higher to a price of nearly $106,000. Nothing came at 10am ET, but at about 10:45am ET, Lummis posted that Senate Banking Committee Chair Tim Scott had named the Wyoming Senator the Chair of the Subcommittee on Digital Assets.

“Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal fr

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Author: Andrew Hayward