Cynthia Lummis, an American attorney and politician serving as the junior United States senator from Wyoming, recently met with Scott Bessent, an American investor, philanthropist, and hedge fund billionaire, to discuss implementing a national Bitcoin (BTC) reserve strategy.
The meeting during the week marked a significant moment in the growing conversation around crypto and its role in the US economy.
“Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve. I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility,” said Lummis.
Lummis was elected to represent the people of Wyoming in the US House of Representatives from 2009 – 2017 and became a US senator in 2021. While serving as a senator, Lummis has paid close attention to the BTC trend and its potential role in the US economy.
Senator Lummis also proposed that the US government accumulate more bitcoin to establish a strategic BTC reserve fund. The politician further stated that the US could become the first developed nation to establish a strategic reserve by embracing BTC, securing a brighter future for generations of Americans.
Trump Appoints Bessent as Treasury Secretary
On the other hand, Bessent was nominated by President Donald Trump. The 62-year-old treasury nominee has spent his career in finance and made a big bet on Trump winning the election.
Before the US election on November 5, the hedge fund investor predicted last year that President-elect Donald J. Trump’s political fortunes were on the rise.
As treasury secretary, the billionaire will essentially be the highest-ranking US economic official, responsible for maintaining the balance of the world’s largest economy. This includes collecting taxes and paying the nation’s bills, managing the $28.6 trillion treasury debt market, and overseeing financial regulation, including handling and preventing market crises.
Bessent will confront significant challenges, mainly the responsibly managing federal deficits projected to increase by nearly $8 trillion over the next decade, driven by Trump’s proposals to extend expiring tax cuts next year and introduce substantial new tax breaks, such as eliminating taxes on social security income.
BTC Adoption
Amid the growing adoption of BTC, several corporations and entities have allocated their funds to the crypto asset, even when former US Treasury Secretary Lawrence Summers criticized Trump’s proposal for a strategic Bitcoin reserve, calling it “crazy” and accusing it of being a move designed to appease his crypto campaign donors.
American stock broker, financial commentator, and radio personality Peter Schiff also noted that BTC is a national threat to the US economy. He believes that individuals waste their funds when investing in digital asset.
