Seeds of Wisdom RV and Economic Updates Saturday Morning 3-15-25
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US CONGRESSMAN TO INTRODUCE NEW CRYPTO BILL PROTECTING TRUMP’S STRATEGIC BITCOIN RESERVE
Recent reports revealed that another member of the US House of Representatives will introduce a new bill on March 14 to codify US President Donald Trump’s executive order for a Strategic Bitcoin Reserve (SBR). This move follows recent efforts by several US lawmakers to formalize and protect Trump’s crypto plan.
New Bill Proposes US Bitcoin Reserve’s Protection
On Friday, Bloomberg reported that US Representative Byron Donalds will introduce a bill to codify President Trump’s executive order to establish a national Bitcoin (BTC) reserve. The proposed legislation reportedly seeks to formalize Trump’s plan and protect the strategic reserve from potential industry-adverse administrations in the future.
According to the report, the bill “would ensure that the reserve and stockpile could not be eliminated by executive action from a future president.” The US President signed an executive order on March 6 to create a strategic BTC reserve and a “Digital Asset Stockpile” within the US Department of the Treasury.
The order indicates that these initiatives would be funded by crypto seized from government criminal and civil forfeiture proceedings, including the US’ 200,000 BTC holdings and other digital assets already owned by the Treasury Department.
In a statement to Bloomberg, Donalds affirmed that the “Democrats waged a war” on the crypto industry and it “is the time for Congressional Republicans to decisively end.” The legislation requires at least 60 votes in the US Senate and a House majority to pass.
The US Representative’s move is the latest in the recent efforts from various US lawmakers to give Bitcoin recognition as a strategic asset at the state and national levels under the new crypto-friendly administration, including Senator Cynthia Lummis’s actions to codify President Trump’s recent executive order.
On Tuesday, US Senator Lummis reintroduced her reserve bill, initially introduced last July, in the Senate to implement a BTC purchase program. As reported by Bitcoinist, the bill is co-sponsored by Republican Senators Jim Justice, Marsha Blackburn, Bernie Moreno, Roger Marshall, and Tommy Tuberville.
The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, or Bill S954, aims to “ensure the transparent management of Bitcoin holdings of the Federal Government, to offset costs utilizing certain resources of the Federal Reserve System, and for other purposes.”
The US Senator highlighted the “landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation’s economic foundation for generations to come."
Lawmakers Split Over Trump’s Crypto Reserve
Meanwhile, US Representative Nick Begich also introduced the “Bitcoin Act on 2025,” a companion bill to Senator Lummis’ legislation, to the US House on Tuesday. The legislation, co-sponsored by six Republican Representatives, is “designed to ensure the United States secures its financial independence and maintains its leadership in the global digital economy.”
Begich emphasized the need for the United States to establish a formal Bitcoin reserve, like its gold reserves, as “America cannot afford to fall behind in this financial revolution.”
Nonetheless, recent reports revealed that other Congress members are opposing President Trump’s crypto plan. Democratic Representative Gerry Connolly recently wrote a letter to Treasury Secretary Scott Bessent, pushing to abandon the strategic reserve plans.
The congressman considers, “Such a reserve provides no discernible benefit to the American people but would significantly enrich the President and his donors. It would also constitute unsound fiscal policy by picking winners among currencies via social media and wasting taxpayer dollars.”
The letter also asks for the documents and communications about the reserves, soliciting a “detailed list of safeguards that are in place to protect against government officials financially benefiting from the strategic cryptocurrency reserve.”
@ Newshounds News™
Source: Bitcoinist
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GOLD ETFS WINNING THE ASSET RACE WITH BITCOIN FUNDS–FOR NOW
The price of the traditional safe-haven asset has soared recently, but bitcoin is the real “hot sauce,” says analyst Eric Balchunas.
Gold exchange-traded funds in the U.S. are leading in assets under management again after briefly being dethroned by the new American Bitcoin ETFs, a result of the traditional risk-off asset’s surge to a record high and BTC’s recent slump.
American ETFs giving investors exposure to gold’s price are collectively managing close to $150 billion in assets, VettaFi data shows. The 11 Bitcoin ETFs—approved by the SEC last year—now have over $93 billion in managed assets.
In December, Bitcoin ETFs briefly overtook their gold counterparts, according to K33 Research, thanks to the cryptocurrency’s price increase following the election of U.S. President Donald Trump, whose policies were widely expected to boost the digital asset industry.
Bitcoin spiked to an all-time high at nearly $109,000 in January the day of his inauguration. But it has steadily lost ground and was recently trading around $84,000, down about 25% from that record.
Friday’s BTC price comes the precious metal hit a record of $3,014 per ounce as investors spooked by the new president’s trade war look for less volatile investments. Gold is a traditional safe-haven asset favored during periods of economic turbulence.
Bitcoin has largely traded similar to tech stocks and other risk-on assets over the past year.
“Bitcoin has some safe haven qualities, but lately it’s behaved more like a risk asset, and that’s why we’ve seen more outflows in those spot ETFs,” etf.com’s Senior Content Editor Kent Thune, who oversees research at the publication, told Decrypt, noting gold’s status as an inflation hedge and safe-haven investment in the “current environment.”
The new Bitcoin ETFs smashed expectations last year following their approval after new capital from investors previously locked out of the world of crypto investing flooded the market. The funds collectively breached $3 billion in net flows just one month after they started trading—beating the launch of the gold ETFs 20 years ago.
But macroeconomic uncertainties and traders concerned about Trump’s policies, including his tariffs on favored trading partners, have led to massive outflows this year, helping push the price of Bitcoin down.
Still, this trend could soon be reversed, Bloomberg ETF analyst Eric Balchunas said, as Bitcoin is the real “hot sauce.”
“It’s not really a reflection of customer interest,” he said, adding gold catching up with Bitcoin again was simply down to “the market.”
“Most regular people want stocks and bonds and spice—they want real speculative stuff. So to me, gold isn’t hot sauce, and the fact that Bitcoin could act as hot sauce made it still a lot better over the past year than gold, even though gold is going up.”
“I just think that gold can never be hot sauce,” he said, adding that while gold has won the battle, Bitcoin could win the war in the medium- to long-term.
@ Newshounds News™
Source: Decrypt
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