Cathie Wood, the founder of asset management giant Ark Invest, supported Sen. Cynthia Lummis' (R-Wyo.) call to establish a U.S. strategic Bitcoin BTC/USD reserve.
What happened: On Tuesday, Wood reshared an X post by the Republican senator promising to make the ambitious proposal a reality.
It was Lummis who proposed the legislation, called the BITCOIN Act, to create a strategic reserve in Bitcoin to support America's balance sheet and address its mounting debt.
The bill outlines a $1 million purchase program to acquire 5% of Bitcoin's total supply over five years, with a minimum holding period of 20 years.
The proposal came immediately after President-elect Donald Trump advocated for a national Bitcoin stockpile and vowed to make the U.S. the “crypto capital of the planet."
Why It Matters: The proposal came immediately after President-elect Donald Trump advocated for a national Bitcoin stockpile and vowed to make the U.S. the “crypto capital of the planet."
Lummis had earlier stated that Trump would push for a Bitcoin strategic reserve in his first address to Congress.
As far as Wood was concerned, her overtly bullish views on Bitcoin don't need an introduction. She projected the top cryptocurrency to swell to a per-unit price of $3.8 million by 2030. Although not impossible, it was unlikely that Bitcoin would reach these levels in the said period.
Price Action: At the time of writing, Bitcoin was exchanging hands at $74,926.03. up 1.67% in the last 24 hours, according to data from Benzinga Pro.
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