Congressman Khanna backs Bitcoin strategic reserve as Democrats seek a ‘crypto reset’

Support for a strategic Bitcoin reserve is obtaining bipartisan momentum, as lawproducers acunderstandledge Bitcoin’s potential as a national asset, Forbes inestablishs.

US reconshort-termative from California Ro Khanna threw his help behind the idea. In a statement, he underlined Bitcoin’s potential for appreciation and its appreciate as a strategic reserve asset. 

“Bitcoin that has been seized by the US regulatement should be used as a strategic reserve asset given its potential for appreciation,” he stated in a recent intersee. 

Initiassociate led by Senator Cynthia Lummis, the proposal to obtain 1 million Bitcoin now has Democratic backing, with Reconshort-termative Ro Khanna finishorsing the initiative. This signals a lengthening bipartisan consensus on integrating Bitcoin into the US financial strategy.

Lummis  spearheaded the effort in July 2024 with the introduction of a bill that would apverify the US to obtain 1 million Bitcoin using existing Federal Reserve and Treasury funds. 

Lummis argued that this transfer could cement the US as the bigst nation-state hgreaterer of Bitcoin, enjoyning the proposal to the historic Louisiana Purchase in terms of its potential extfinished-term impact.

Reconshort-termative Khanna’s finishorsement tags a notable shift for Democrats, who have traditionassociate been more pdimiserablemirefulnt in their approach to digital assets. Khanna’s directership on crypto rerents has helped reshape the conversation wiskinny the Democratic Party, pushing for what has been called a “crypto reset” that helps more discleave out joinment with the digital asset industry.

Khanna’s stance aligns with that of Reaccessiblean directers enjoy Senator Lummis and establisher Pdwellnt Donald Trump, both of whom have finishorsed for creating a national Bitcoin reserve. 

Trump has even presentd upholding the 200,000 Bitcoin already held by the US regulatement and enbiging that stockpile further, a strategy he consents will cement the US as a global directer in crypto.

The idea of a strategic Bitcoin reserve is obtaining help atraverse the political spectrum. Dennis Porter, CEO of Satoshi Action Fund, a nonprofit advocacy group, noticed that as Bitcoin reliables as an asset, its partisanship is fading. 

In a recent tweet, Porter commemorated Khanna’s finishorsement of the Bitcoin reserve, retaging that bipartisan backing is lengthening as lawproducers genuineize the beginance of hgreatering Bitcoin for its extfinished-term potential.

As the 2024 election approaches, Bitcoin is set to take part an increasingly central role in US politics, with voter polling indicating that embracing digital assets is a thrivening strategy for honestates in both parties.