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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSenator Cynthia Lummis lays out draft bill for U.S. strategic bitcoin reserve: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Zach Pandl, head of research at Grayscale Investments, discusses the asset manager's new spot bitcoin ETF with a lower fee than GBTC and Sen. Cynthia Lummis explains her draft bill that would create a strategic bitcoin reserve.

Persons: Cynthia Lummis, explainers, Zach Pandl, Sen Organizations: CNBC Crypto, CNBC

☆ Bitcoin nears $70,000 as investors digest Trump crypto comments and look ahead to central bank meetings
▼ + stars: | 2024-07-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Investors are coming back into the market after bitcoin ended last week flat and ether dropped roughly 8%. Additionally, traders are watching the Federal Reserve, Bank of Japan and the Bank of England – all of which are meeting this week. Eyes are on Fed Chair Jerome Powell in particular, hoping his comments will confirm an interest rate cut in September. He also said it would be his policy to keep 100% of the bitcoin the U.S. government currently holds (about 210,000 bitcoins), serving as the beginning of a National Strategic Bitcoin Reserve. In remarks that garnered the biggest roar from the audience, Trump vowed that he would replace Gensler "on day one."

Persons: Bitcoin, bitcoin, Jerome Powell, Donald Trump, Sen, Elizabeth Warren, Gary Gensler, Biden, they've, Trump, Cynthia Lummis Organizations: Getty, Metrics, Federal Reserve, Bank of Japan, Bank of England, Bitcoin Conference, Democratic, Securities, Exchange, Trump, Strategic Bitcoin, Republican Locations: Nashville, Wyoming

"For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin," Trump said at this year's Bitcoin Conference in Nashville. Kennedy went further than Trump, promising to establish a 4 million bitcoin strategic reserve to match the country's current stake in gold, some of which is held near the military base at Fort Knox. But Trump's reservation speaks to the complications of promising a bitcoin strategic reserve on par with the gold standard. An executive order would not be enough to bring a U.S. bitcoin reserve into existence. That existing bitcoin stockpile could act as the foundation for the bitcoin strategic reserve, which the U.S. government would build on by regularly buying a certain number of bitcoin.

Persons: Donald Trump, Marco Bello, Trump, Trump's, didn't, Tyler, Cameron Winklevoss, Kid Rock, Cynthia Lummis, Bill Hagerty, Marsha Blackburn, Robert F, Kennedy Jr, Kennedy, bitcoin, Sen, Lummis, Per Sen, Joe Biden, Kamala Harris, Fred Thiel Organizations: Reuters NASHVILLE —, Republican, U.S . Marshals Service, Trump, U.S . Treasury, Bitcoin Conference, Saturday, Wyoming, U.S, Treasury Department, House, Independents, Democratic, U.S . Securities, Exchange Commission, U.S . Locations: Charlotte , North Carolina, U.S, Nashville, United States of America, Germany, Fort Knox, Washington, United States, bitcoin

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