Editor’s Note: A typographical error in the headline has been corrected.
Senator Cynthia Lummis (R-Wyo.) stated Tuesday that even the U.S. military sees the strategic value of having a national Bitcoin (CRYPTO: BTC) reserve.
What Happened: During an interview with Bloomberg, Lummis was asked about JPMorgan Chase CEO Jamie Dimon’s remark that the U.S. should prioritize stockpiling traditional defense resources over Bitcoin.
“I would say even the U.S. Military disagrees with him,” Lummis replied. “There are Generals, especially in Southeast Asia, who believe it is important to have strategic Bitcoin stockpiles.”
Lummis claimed that the U.S. was at an ‘economic war’ with China, emphasizing that, in addition to guns and bullets, Bitcoin would be required to counter the Chinese threat.
“We need both,” she added. “All we need to do is look to the leadership of the current U.S. Military to find support for a strategic Bitcoin Reserve.”
The U.S. Department of Defense didn’t immediately return Benzinga’s request for comment on Lummis’ claims.
See Also: Trump Insiders Want A Piece Of Crypto, SPAC Action: Is A Merger Coming?
Why It Matters: While the Defense Department has not formally endorsed a Bitcoin reserve, there have been instances of branches of the military exploring blockchain technology for various applications.
Lummis’ claims come at a time when she is advocating for clear regulatory frameworks for digital assets and the establishment of a U.S. Strategic Bitcoin reserve—an idea that has already received executive approval.
Lummis has been a staunch supporter of Bitcoin and has proposed legislation called the BITCOIN Act, advocating for the purchase of 1 million Bitcoins over five years by the Treasury Department.
Price Action: At the time of writing, BTC was exchanging hands at $105,525.76, up 0.23% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Bukhta Yurii On Shutterstock.com
Read Next:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
