Bitcoin holds near $87,000 as U.S. revives plans for Bitcoin reserve

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Bitcoin holds near $87,000

Washington puts Bitcoin back in the spotlight

One of the main factors supporting the market was renewed attention around the U.S. Strategic Bitcoin Reserve. On September 17, the House Financial Services Committee approved the American Reserve Modernization Act by a vote of 28 to 21. The bill can now move to a vote in the full House.

The legislation would transfer roughly 325,000 Bitcoin already controlled by the U.S. government into a dedicated strategic reserve managed by the Treasury Department. Most of these coins were seized through criminal and civil forfeiture proceedings.

Under the bill, the Bitcoin would have to be held for at least 20 years. The government would also be required to publish quarterly proof confirming that the assets remain in the reserve. Separately, the legislation calls for a study into ways to increase BTC holdings without increasing the budget deficit.

From a campaign promise to a government reserve

During the 2024 presidential campaign, Donald Trump made support for cryptocurrencies a notable part of his economic agenda. At the Bitcoin 2024 conference in July, he pledged to keep the Bitcoin already held by the U.S. government and use it as the foundation of a strategic national reserve. The White House later explicitly described the creation of such a reserve as fulfillment of one of Trump’s campaign promises.

After returning to the White House, Trump began turning that promise into government policy. In January 2025, he instructed a special working group to study the creation of a national digital asset stockpile, and on March 6 he signed an executive order establishing the Strategic Bitcoin Reserve. However, the idea has yet to be fully implemented.

Bitcoin gains nearly a third in five weeks

Tony Dicarlo, director of institutional propositions at RootstockLabs, noted that Bitcoin has moved back above its 50- and 200-week moving averages. By his estimate, the largest cryptocurrency has gained around 29% over the past 35 days.

According to Dicarlo, the bill’s approval by the committee has revived discussion around the Strategic Bitcoin Reserve. He said the legislation has advanced further in Congress than previous similar initiatives, although it still needs votes in both the House and the Senate.

The market also received additional support from the U.S. Securities and Exchange Commission. With the CLARITY Act stalled, the regulator used an innovation exemption to open the door to onchain trading of tokenized U.S. stocks.

Risk assets get support from broader markets

The move in cryptocurrencies came as bond yields declined across Asia and oil prices continued to fall. Yields on 10-year Australian and New Zealand government bonds dropped by at least three basis points, while U.S. 10-year Treasury futures rose.

Brent crude was trading at around $99 per barrel and was heading for a sixth consecutive session of losses. Oil came under additional pressure after U.S. President Donald Trump said American officials had held a “very good” meeting with Iranian representatives in New York as Washington renewed efforts to end the conflict.

Bank of Japan policy also remains a factor for risk assets. Last week, the central bank raised rates in a 7-2 vote, but markets interpreted the decision as a signal that further tightening would proceed slowly. The yen weakened afterward, keeping borrowing in Japan relatively cheap and supporting funding for riskier trades.

As a reminder, Bitcoin has surged in recent days and reached $86,000.

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