TL;DR
- The price of Bitcoin reached $106,000 after Cynthia Lummis’s announcement about “big things,” but then dropped when it was revealed that it was not about a national Bitcoin reserve.
- The real news was that Lummis was elected chair of the Senate Banking Committee’s digital asset subcommittee, a key position for the regulation of crypto assets.
- Lummis continues to push for proposals like the “Bitcoin Purchase Program” and criticize government policies that limit cryptocurrency access to banking services.
Bitcoin’s price experienced a sudden spike, reaching $106,000 after Senator Cynthia Lummis, a Bitcoin advocate in the U.S. Senate, announced that “big things” were coming.
Her statement sparked a wave of speculation about a potential announcement related to the creation of a national Bitcoin reserve, which led to a temporary increase in the cryptocurrency’s value. Initially, BTC hit a peak of $106,500 per unit, but shortly after this surge, the price dropped to $104,500 when it became clear that Lummis’s announcement was unrelated to the anticipated plan. Currently, BTC is trading around $105,500 per unit.
No News of the Bitcoin Reserve
Lummis, known for being pro-crypto in Washington, had previously proposed the creation of a strategic reserve for the cryptocurrency, which raised high expectations among crypto market followers. However, the surprise came when journalist Eleanor Terrett revealed that the real news was that Lummis had been elected as chair of the new digital asset subcommittee of the Senate Banking Committee. This news was later confirmed by the senator herself in a post.
Cynthia Lummis is a Key Figure for Bitcoin
Cynthia Lummis has been a key figure in promoting policies to support the adoption of cryptocurrencies in the U.S. One of her most prominent projects is the push to create a “Bitcoin Purchase Program,” which would allow states to acquire up to 200,000 BTC per year over a five-year period.
Additionally, the senator has been a critic of government policies that, according to her, attempt to block cryptocurrencies’ access to banking services, accusing the Biden administration of implementing measures that restrict the crypto sector’s access to financial services.
Despite the failed prediction regarding the senator’s announcement, U.S. authorities are showing clear interest in the crypto market and are beginning to recognize the importance of regulating and supporting the sector
