Congressman Begich pushes 1M Bitcoin for U.S. reserve

Alaska Representative Nick Begich calls for a modernized approach to national reserves, backing a bill that would add one million bitcoins to the U.S. balance sheet as part of a diversification effort. He commented, “I’m a believer that we need to diversify our national balance sheet. We’ve got a heavy emphasis on gold, I think we should have an additional strong emphasis on bitcoin.” Strategy’s Michael Saylor openly supported the BITCOIN Act Begich, together with Wyoming Senator Cynthia Lummis, reintroduced the BITCOIN Act in March, short for the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act. The legislation, if enacted, would formally add Bitcoin to the U.S. reserve strategy, building on Trump’s executive order to hold it permanently like the country’s gold reserves. The measure outlines a five-year strategy to acquire one million bitcoins through cost-neutral means, reinforcing Trump’s directive that confiscated digital assets be retained instead of auctioned. Crypto leaders, including Strategy’s Michael Saylor, have voiced support for the legislation and joined Begich and Lummis at a roundtable to highlight its importance. Introducing the bill, Begich called it a safeguard for “America’s economic future,” emphasizing the need for leadership in the digital age. He noted, “We must lead—not follow—in this digital revolution. The time to act is now.” Recently, he also explained that Bitcoin was chosen over other cryptocurrencies because it has been in the market the longest and has a fixed supply of 21 million. However, he suggested it would be preferable if the U.S. filled the reserve through seized assets rather than direct buying, adding that future versions of the bill could remove the buying requirement altogether. Some believe Begich is pushing for the BITCOIN Act for his personal interests Begich’s proposal has received criticism. Noah Bookbinder, president of CREW, Citizens for Responsibility and Ethics in Washington, for instance, said that even if Begich is acting in good faith, the bill would push up the value of Bitcoin, an asset in the representative’s portfolio, noting a potential conflict of interest. He noted, “This raises all sorts of red flags.” Nonetheless, in response to claims that the initiative would increase the value of his holdings, Begich countered that Bitcoin ownership is widespread. He added that he invests in a variety of assets and said it wouldn’t be fair to avoid pushing for ideas just because they could also benefit him. As of August, Begich held Bitcoin worth $760,000. He claimed he started buying Bitcoin back in 2013 with a $100 purchase. Back in 2014, the Mt. Gox meltdown, however, hit him hard, wiping out the hundreds of Bitcoins he had on the platform. At today’s prices, those lost 440 coins would be worth $48 million. Luckily for him, his earliest Bitcoin buy wasn’t lost in the Mt. Gox fiasco. He held onto those coins, which have since multiplied in value. Meanwhile, U.S. lawmakers are pressing regulators to expedite Trump’s executive order that enables crypto investments in 401(k) retirement plans . In a letter sent Monday, nine lawmakers, including House Financial Services Committee Chairman French Hill and Subcommittee on Capital Markets Chair Ann Wagner, urged SEC Chair Paul Atkins to provide “swift assistance” to the Department of Labor in adjusting current rules. They emphasized that under Trump’s August directive on “Democratizing Access to Alternative Assets for 401(k) Investors,” the SEC must make alternative assets, including crypto, more accessible in retirement portfolios. The lawmakers noted that they are optimistic that such moves will help the 90 million Americans currently barred from investing in alternative assets to secure a dignified, comfortable retirement. The lawmakers emphasized that every American preparing for retirement should have the opportunity to invest in alternative assets when plan fiduciaries deem it an appropriate way to improve risk-adjusted returns. The letter was signed by Frank D. Lucas, Warren Davidson, Marlin Stutzman, Andrew R. Garbarino, Michael V. Lawler, Troy Downing, and Mike Haridopolos, alongside the lead sponsors. Join Bybit now and claim a $50 bonus in minutes