More governments and businesses are accepting Bitcoin than ever before. The U.S. government now sees Bitcoin as a key national asset. Companies are also adding it to their financial holdings.
How the U.S. government is embracing Bitcoin
The United States is making real strides in adding Bitcoin to its national plan. At the recent “Bitcoin For America” summit, Senator Cynthia Lummis and Michael Saylor spoke. They believe Bitcoin is vital for America’s economic future. Representative Nick Begich introduced the Bitcoin Act. This act aims to buy 1 million Bitcoin for national reserves. It also protects people’s rights to hold their own Bitcoin.
Senator Jim Justice has become another strong supporter of Bitcoin. He called Bitcoin a historic opportunity at the same event. He noted that both political parties are showing more support. Justice likened Bitcoin adoption to earlier tech revolutions. He warned that America must act immediately to maintain its economic advantage.
The Strategic Bitcoin Reserve (SBR)
The new Strategic Bitcoin Reserve (SBR) shows a shift in the government’s attitude. When they announced this reserve, Bitcoin’s price experienced a temporary drop.
Forbes magazine stated that Trump’s Bitcoin reserve plan is “more than just symbolic.” The plan is to hold seized Bitcoin with the government. The administration views Bitcoin as “digital gold.” It sees it as a strategic asset, quite different from other digital currencies.
How companies are adding Bitcoin to their holdings
More businesses are buying Bitcoin for their treasuries. Public companies hold around 3% of all Bitcoin, which is about $52 billion. This is twice what they had at the start of 2024.
Some companies have made notable Bitcoin purchases recently. Metaplanet added 162 Bitcoin to its holdings, bringing its total to 3,050 BTC. Rumble, another company, announced it holds $17.1 million in Bitcoin. It sees it as a way to guard against inflation. They purchased 188 BTC for around $91,000 each. This is part of their $20 million Bitcoin strategy they announced earlier. The company, backed by Tether, may buy more based on market conditions and cash needs.
