Michael Saylor and crypto leaders push U.S. to adopt Strategic Bitcoin Reserve
Strategy co-founder Michael Saylor and a group of cryptocurrency industry executives gathered on Capitol Hill for a closed-door roundtable aimed at developing a strategy to advance the BITCOIN Act. The legislation calls for the creation of a U.S. Strategic Bitcoin Reserve and authorizes the government to acquire up to 1 million BTC over five years.
The meeting, organized by Sen. Cynthia Lummis (R-Wyo.) and Rep. Nick Begich (R-Alaska), marked the most visible effort yet to enshrine into law President Donald Trump’s March executive order establishing a federal bitcoin reserve and a separate stockpile of digital assets, CNBC reported.
Positions and points of debate
Participants included Saylor, Marathon Digital CEO Fred Thiel, and other leaders from mining and custody firms. Supporters of the initiative described the reserve as a strategic hedge and a way to ensure the U.S. leads the next phase of financial infrastructure built on provably scarce digital assets. The plan to accumulate up to 1 million BTC—about 5% of the cryptocurrency’s ultimate supply—envisions long-term holding and has been compared to a “digital Fort Knox.”
Still, the path forward remains unclear. Treasury Secretary Scott Bessent has cautioned against direct government purchases, saying in August that authorities do not intend to buy bitcoin outright but will instead rely mainly on confiscated assets valued at $15–20 billion, while leaving open the possibility of future adjustments. This stance highlights the tension between lawmakers’ ambitious goals and the funding model designed to avoid new taxpayer costs.
Outlook and next steps
The roundtable’s tactical purpose was to align industry positions and chart a path for the bill through congressional committees. Proponents argue the BITCOIN Act would bolster financial resilience and provide a hedge against systemic risks, while critics point to volatility and security concerns. Trump’s executive order already requires the Treasury to deliver legal and investment analyses for administering both the bitcoin reserve and the broader digital asset stockpile—work that will shape the final version of the bill.
For now, the BITCOIN Act’s prospects hinge on coalition-building. If Congress embraces the proposed framework, the U.S. could shift from ad hoc custody of seized coins to a managed reserve with a multi-year accumulation plan and clear rules on custody and accounting. Otherwise, the reserve may remain limited to assets seized by law enforcement.
Read also: Bitwise CIO says SEC new rules could drive massive crypto ETP expansion
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