Senator Cynthia Lummis recently stressed the importance of safeguarding Bitcoin’s core principles as discussions surrounding a U.S. strategic BTC reserve gain momentum. The proposal, tied to Lummis’ Bitcoin Act, aims to secure up to one million BTC over five years. However, the U.S. Senator emphasized that protecting individual ownership and access remains her priority.
Senator Cynthia Lummis Addresses Bitcoin’s Centralization Fears
“It’s critical to protect Bitcoin holders using private wallets. We don’t want governments controlling this asset because its essence is freedom,” said Lummis, highlighting BTC’s decentralized nature. “Your keys are your access to your Bitcoin. Without them, it’s not truly yours,” she added in a recent FOX Business interview.
This statement comes as BTC mining firm MARA advocates for the U.S. to take a leadership role in Bitcoin accumulation and infrastructure. In an article shared on X, MARA emphasized the asset’s strategic value, calling it the “digital era’s answer to gold.” The company urged policymakers to recognize Bitcoin’s significance in maintaining U.S. financial dominance.
Bitcoin is freedom money. 🇺🇸💵 pic.twitter.com/tQYYUGhb2v
— Senator Cynthia Lummis (@SenLummis) November 26, 2024
With President Donald Trump’s return to office and renewed focus on his campaign promise to establish a Bitcoin reserve, the proposal is sparking debate. Advocates argue that Bitcoin’s limited supply and decentralized monetary policy make it ideal for safeguarding economic sovereignty in a shifting geopolitical landscape.
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“Bitcoin transcends time and space as a store of value and a medium of exchange,” the MARA article stated. It added, “It’s more portable and auditable than gold, giving it unique advantages in the digital age.”
BTC Potential Grabs Spotlight
Lummis echoed the potential for BTC to empower individuals, particularly those in developing economies, to escape poverty and join the global financial ecosystem. She described the asset as “infinitely divisible” and capable of enabling low-cost, cross-border transactions.
Beyond accumulation, MARA’s proposal outlined the need for the U.S. to secure control over Bitcoin’s blockspace and mining hashrate. Blockspace, the limited capacity for Bitcoin transactions within the blockchain, is managed by miners using computational power known as hashrate. MARA warned that ceding dominance in this area to adversarial nations could undermine U.S. transaction sovereignty.
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With @SenLummis‘s #Bitcoin Act in the pipeline, the US must lead in mining, blockspace, & hashrate so we can ensure that “…a sovereign can have sovereignty.” – @fgthiel
Read more: https://t.co/UNbfDAsZpr
— MARA (@MARAHoldings) November 26, 2024
“Controlling domestic hashrate is essential for protecting our economy from foreign interference,” the report argued. Moreover, it cited the growing global shift away from the U.S. dollar as a reserve currency.
Lummis’s remarks reflect a major concern about striking a balance between national interests and individual rights. While the BTC reserve proposal underscores the asset’s geopolitical importance, she remains firm in her stance against centralized control. “This is about ensuring Bitcoin remains a tool for financial freedom,” she said.
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