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1931: Senator Lummis’ New BITCOIN Act Allows US Reserve to Exceed 1M BTC
00:35:38
US Senator Cynthia Lummis’ newly reintroduced BITCOIN Act will allow the government to potentially hold more than 1 million BTC as part of its newly established reserve.
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- [00:01]
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JV
1, 2, 3 will that be cash or credit? Credit.
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- [01:00]
JV
Welcome Bitcoin fam to no. 1 Daily Bitcoin Pod in today's show, I'll be sharing the latest Bitcoin technical analysis as well as the bottom target from Arthur Hayes, who says the bottom is not yet in. We'll also be discussing breaking News Rumble announces purchasing 100, I'm sorry, 17.1 million worth of Bitcoin in accordance with their announced Bitcoin treasury strategy. And speaking of that, we also have Meta Planet expanding their Bitcoin stash to 3:50 Bitcoin buying 100 more BTC. Also, the bank of Russia proposes to allow crypto purchases by select investors. Also breaking news, Texas lawmaker seeks to cap the state's proposed bitcoin purchases at 250 million. We'll also be discussing new market capital CEO proposing a $2 trillion bit bonds to buy Bitcoin as well as Senator Cynthia Lummis's new Bitcoin act allowing the US Reserve to exceed 1 million BTC. We'll also be taking a look at the overall crypto market. All this plus so much and more in today's show. Yo, what's good Crypto fam? This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube channel at crypton news alerts.net Again, that's crypto news alerts. Net. You already know market's been a little corrective, but yesterday we finally had a nice pump. We recovered from the 77 bottom, currently just shy of 83,000. I think we'll flip right back in the green here shortly as I'm reading the news. But Anyways today is pod number 1931. I'm your host JV. It's 3-12-2025. Let's kick it off with our market watch. As you can see on coin360 pre low bitty just under 83,000 barely in the red on the day XR in the green pie network is up 21% and BNB in the green as the majority of the market's cracking. And in the red and checking out coin market cap.com we currently got a 2.69 trillion crypto market cap Bitcoin market cap down to 1.6 trillion. We got roughly 105 billion worth of volume over the course of the past 24 hours and the bitcoin dominance has been back on the climb. That's the silver lining here. The BTC DOM today 61.2% ether dominance all the way down to 8.4%. Ethereum's been getting demolished. It just hit like a multi year bottom just the other day and I don't see things reversing anytime soon for ether at least against bitcoin. But you guys let me know your two Satoshis and checking out top 100 crypto gainers past 24 hours. PI leading the pack up 20% Celestia up 14% and Story up 12%. Let me know which al ifany you're bullish on for the bull and checking out the crypto greed and I'm sorry first crypto bub then the greed and fear index today Looking at the crypto bubbles I'd say 80 over 20 red over green and zooming out on the monthly total rec city like 95% of the market completely annihilated in the sense 203040 plus percent losses. And checking out the crypto gre index today we're on the rise. We're 2034 fear. Yesterday was a 24 extreme fear, last week a 20 and last month a 43 fear. Checking out the time chain calendar we're currently on block number 887487 with 162513 blocks until the next having and you currently exchange one fiat monopoly dollar for 1220 sats to pick up the SAS, put down the gas, pick up some bitcoin caps from my man sergio over@bitcoincaps.net and if you don't know now you know. But anyways we're about to dive into today's technical analysis AKA astrology for the Brosis, so let's dive right in. Headline here reads bitcoin battles the US sellers as the CPI inflation sees the first drop since mid 20. Here you're looking at a one hour chart and I'll be pulling up the live chart here in just a minute. Bitcoin saw the classic Wall street sell off March 12th as the Bears tempered a welcome U S Inflation slowdown. Trading view which I'll be pulling up the live charts in a moment showed Bitcoin reaching 3 day highs of 84. 4 over on Bitstamp. Before the reversal, the January print of the CPI came in below expectations of 2.8% as per data from the Bureau of Labor Statistics hinting at slowing inflation. Quoting them here, core CPI inflation falls to 3.1% as noted by the CABISI letter, this marks the first decline in both headline and core CPI since July of 2024. Inflation is cooling down in the good old USA. However, the good news was shortlived as the Wall street trading saw the return of characteristic selling pressure all across the crypto markets. Bitcoin thus fell to 824. We're currently hovering at around 83.
- [06:02]
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- [06:32]
JV
Of the live stream, and Rec Capital shared that the latest Bitcoin daily close means the price has begun the process of exiting its recently filled CME gap after turning it into support. And he says any dips into the top of the CME gap would constitute a post breakout retest attempt to fully confirm the exit from the CME gap. Initial signs of that retest occurring already. Now we have Dan Crypto Trades who shared alongside this chart. Bull's got work to do here to get back above the daily 200 moving aver average exponential Exponential moving average. Last year we had the same thing and the price chopped around these levels for three plus months. Meanwhile, continuing the macro theme, trading firm QCP suggested that the day CPI print would weigh on the Fed's interest rate decision next week, quoting them here. With inflation concerns lingering and macro risk mounting, the CPI print will be a key determinant of whether this disinflationary trend will hold or if the volatility intensifies in the near term. They saw 82, 000 solidifying as institutional investor trends warranted caution. Meanwhile, Bitcoin ETF saw a significant outflow of 153 million led by GBTC which recently offloaded 641 BTC valid at 56 million. Quoting them here, this brought GBTC's total holdings down to 195,000 BTC. We're at 17 billion. This signals growing caution amongst the institutional investors. And if you don't know now you know. And I promise to share the live charts with you via Trading View. So let's do that here really quick. On your screen you're looking at the Coinbase chart via Trading View. There's the one hour chart. We have a clear rising wedge formation sensation. We do have a bull target sitting at 110000 which would be pretty nice. That would take us to price discovery. Current all time high is 10, 9, 3 which was achieved all the way back on Inauguration day for Trump which was January 20th. And it's crazy, we're already in March, right? Q1 is just flying by here in 2025. But zooming out from the one hour, we take a look at the four hour and the survey says it's going up forever. JV. As you can see here we do have two bull targets, one in the green sitting at 113 7. And then we have the red one very similar to the hourly target sitting at 110,500. And zooming out from the four hour, we'll take a look at the daily. Daily chart shows us we're in the green. Yesterday we had big green candle. Prior to that we had like five red consecutive closes unfortunately. So hopefully we're turning that bottom into a support and we continue to rise. However, here's the reality. Nobody knows how low we'll go. Nobody really knows if the bottom is in. If anyone says 100 certainty, they know it just goes to show you how much they don't know because you don't know what you don't know. And if you don't know now you know. And zoom it out from the daily we take a look at a weekly and I mean that with all due respect, if anyone is 100 convinced the market is going to do XYZ, they're not being realistic because nobody can predict the future. Nobody truly knows what's going on. Right? Nobody. And I mean that would all do sincerity, family. But anyways, on the weekly chart we can see 124000 sexy cup and handle. Target still in play and zooming out from the weekly we take a look at the monthly and obviously February was a very disappointed close. Big red candle as you can see on your screen. January was in the green, December was itty bitty corrective candle and November was the most bullish candle we have had of all time in Bitcoin. Appreciating roughly 30,000 in fiat dollars which is pretty remarkable if you think about it. That's an average of a thousand dollar a day increase for an entire month. We get another one of those months, we're right back in price discovery. And there you have it family. That's the latest ta. Hopefully you enjoyed that. And as a bonus actually I'm going to share with you a bottom target from just Blaze, Arthur Hayes. Yeah I might as well do that right now. Really quick. Arthur Hayes. Spoiler alert. He's saying that we can go test anywhere from 70 to 75000 so I'm just going to quote him here. Bitcoin likely bottoms at around 70,000. A 36% correction from the 110,000 all time high is very normal for a bull market. Then we need the stonks, the S and P and Nasdaq to enter a freef fall. Then we need Tradfi Muppet to go under. Then we get the Fed, the People's bank of China, the European Central bank and the bank of Japan all easing to make their country great again. Then you load up the truck. Traders will try to buy the dip and if you are more risk adverse, wait for the central banks to ease. Then deploy more capital. You might not catch the bottom but you also won't have to mentally suffer through a long period of sideways and potentially unrealized losses. And in breaking news, Rumble announces purchasing 17 million in Bitcoin in accordance with their bitcoin treasury strategy. Quoting them here.
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Ann
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- [12:04]
JV
The company has added approximately 188 Bitcoin to its treasury at an average price of approximately 91, 000 per coin. Shout out to Chris and the Rumble team. But anyways, let's continue with the headlines where we left off. Next story of the day, we discussed Rumble adding Bitcoin for their strategic Bitcoin reserve. Well, Meta Planet is doing the same thing as you can see here. Headline reads Meta Planet expands bitcoin stash to 3050 BTC after buying 162 more of the biddy. That's right. CEO Simon Gurevich announced it that the Japanese investment Firm spent approximately 13 and a half million on the latest buy, paying an average price of 83, 000 per coin. Talk about buying the dip. And at the current rate, Meta Planet's total Bitcoin holdings are valid at approximately 250 million, while the total acquisition cost stands at 253 million. So they're pretty even in that ballpark. Since launching the bitcoin acquisition strategy In April of 2024, around the time of the having, the firm consistently expanded its holdings and a week ago purchased 497 for 44 million. Other recent buys include 156 Bitcoin for 13 million on March 3rd, and 68 Bitcoin for 6.6 million February 20th and the 269 Bitcoin for 26 million February 17th. So far this year, Meta Planet has purchased nearly 1300 BTC and back in January their CEO announced the company had a plan to accumulate 10000 Bitcoin by the end of this year and reached 21, 000 by the end of 2026. I say that's a hell of a goal. The firm tracks the effectiveness of its accumulation strategy using the Bitcoin yield, a key performance indicator that has seen notable fluctuations in recent quarters. Between July And September of 2024, Meta Planet posted a 41.7 Bitcoin yield, which surged to 309% in the fourth quarter. And thus far this year the Metric stands at 53.2%. Following the latest buy, Meta Planet stock has risen 8.6%. Wow. 3630. I think that's in Japanese yen. According to the Google Finance data, the company has been growing its reserves through the Bitcoin treasury operations, which officially became a business line December 18th of 2024. As part of their initiative, Meta Planet Board of Directors approved the issuance of its eight series of ordinary bonds to the EVO Fund. The bond issuance, valued at 2 billion Japanese yen, which is $18 million, was announced earlier today and is expected to directly fund Further Bitcoin purchases. This development comes just two days after Michael Sailor revealed its plan to raise 21 billion for more Bitcoin acquisitions, which we have covered pretty thoroughly in the past few days here on the pod. And according to the company notice, this new funding initiative aligns with its January 28 announcement regarding stock acquisition rights, which outlined its plans to issue and sell shares of its its 8% series A perpetual strike preferred stock. And there you have it. Yo, we're going to discuss Russia. Headline here reads, bank of Russia proposes to allow crypto purchases by select investors. That's right. The Russian central bank is considering a three year experimental regime to authorize elect Russian investors to trade cryptocurrencies. That's right. On March 12th, the bank of Russia announced a proposal to allow a limited circle of Russian investors, Vitalic, to buy and sell cryptos like Bitcoin. In accordance with the instructions of the President of Russia. The bank of Russia has sent proposals to the government for discussion on regulating investments in cryptos. So I'm assuming they're referring to their high net worth individuals. I mean maybe billionaires, I don't know. But anyways. While proposing to legalize crypto trading for investors with at least 1.1 million in securities and deposits. Okay. The bank of Russia also suggested introducing penalties for violations of the experimental regime. The central bank reiterated that other residents cannot settle payments using crypto. The ban on using cryptos like bitcoin for payments in Russia was part of the country's first crypto law on digital financial assets, which came into force all the way back in January of 2021. And in the new proposal, here's what their central bank had to say. The bank of Russia still does not consider crypto as a means of payment. Therefore, it proposes to also introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as established liability for violating the ban. And despite banning residents from using crypto for payments in Russia, the Bank of Russia has also been open about allowing cross border settlements in crypto since at least 2022. And in December of last year, Russian Finance Minister Control confirm Russia has been actively experimenting with crypto and foreign trade in line with the country's legislation.
- [17:02]
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- [17:28]
JV
Referring to another experimental legal regime which was enforced back in September of 2024. Now, for the reasons for the regulations, the bank of Russia's reasoning for introducing the new crypto program for limited investors came from an effort to increase the transparency of the local crypto market. According to the announcement, and according to the central bank, such a framework would introduce standards for crypto asset service providers in Russia and expand investment opportunities for experienced investors willing to take on the increased risk. Quoting them here, the bank of Russia has repeatedly noted that private cryptos are not issued or guaranteed by any jurisdiction based on mathematical algorithms and are subject to increased volatility. Therefore, investors when deciding to invest in crypto should be aware that they're taking on the risk risks of potential loss of their funds. I mean, thank you Captain Obvious, as if we didn't know that. But anyways, in the announcement, the Central bank said that it also proposed to allow qualified companies to become participants in the experiment. Keyword in the experiment. For financial institutions that want to invest in crypto, the bank of Russia will establish regulatory requirement taken into account the level and nature of the risks of such asset. And by potentially allowing eligible Russian firms to invest in crypto, the bank of Russia may be paving the way for a Russian micro strategy or a company that would be committed to buying large amounts of the bidding following the lead of Michael Saylor Strategy formerly known as MicroStrategy. So it seems they're all going to be following the sailor put yo and as you can see here, these are the big companies out there in Russia and clearly they got plenty of money. We got a 80 billion dollar company called Esper Bank. We have a 65 billion dollar company 57. The numbers go on and on. A number of companies worldwide including Tesla, Japan's Meta Planet and Brazilian Fintech Unicorn Milieu's has started purchasing Bitcoin since Strategy purchased his first coins as they were the first publicly traded company to do so. Obviously back when it was MicroStrategy, that was back in August of 2020. And outside the experimental regime all qualify qualified investors will be able to invest in derivative financial instruments which are pretty much IOUs, securities and digital financial assets that are tied to the value of the crypto assets according to the central bank. But there you have it. Even Russia adopting thy bitty as the global hash war continues. But anyways, let's keep comments of flowing and discuss our next story of the day. Headline reads Texas lawmaker seeks to cap State's proposed bitcoin purchases at 250 million. That's right. A member of the Texas legislator has proposed a bill that could limit the amount of local and state authorities to invest in cryptos as a reserve asset. The bill was filed on March 10. Two days ago, the Texas Representative, Ron Reynolds, proposed the state comptroller not be allowed to invest more than a quarter billion dollars into its economic stabilization fund, other known as the rainy day fund, in bitcoin, or into other cryptos. The legislation also suggests that Texas municipalities or counties could not invest more than $10 million into crypto. I wonder why they capped it at such a low rate. The proposed bill followed the Texas senate passing legislation March 6th to establish the strategic bitcoin reserve for their state. SB21 will seemingly allow the Texas comptroller to have no limit on purchasing bitcoin for a reserve. Based on the most recent draft, a plan for a strategic Bitcoin reserve in Texas was one of the many separate bills proposed in the U S State governments following the inauguration of Trump and Republican lawmakers winning control of the U S House of Representatives as well as the Senate. Texas lieutenant Governor Dan Governor Dan said in January that the state's legislative priorities for 2025 would include a proposal to establish the Texas Bitcoin Reserve. But it's currently unclear if Reynolds, who is a Democrat, intended to support the bitcoin reserve bill introduced by the state Senator Charles Schwartner, a Republican, or proposed restrictions in the event the legislation actually comes into law. If passed and signed by Governor Greg Abbott, the bill would take effect September 1st. And though Trump signed the executive order on March 7th to create a federal strategic Bitcoin Reserve and digital assets stockpile, many legal experts questioned the US President's authority to enact specific policies through the executive orders. Meanwhile, Wyoming Senator Cynthia Lummis reintroduced legislation on March 11 to codify the proposed Bitcoin reserve into law in the Senate. And in fact, on our feature story today, I'll be sharing everything you need to know regarding Cynthia Lummis's updated Bitcoin act proposal, which now allows them to purchase over the 1 million BTC which was initially proposed. And if you don't know, now you know. This is actually a pretty cool story. Headline here reads Newmark Capital CEO proposes 2 trillion dollar bit bonds for the U S to buy the biddy. That's right yo. Very interesting. The idea, which may seem out of left field for some, could have a profound impact.
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- [23:06]
JV
On America's economic future. That's right. It would diversify reserves and strengthen the country's position in the global. If this was done, it would be bullish news for the biddy. The bit bonds proposal suggests that the US Government issues bonds specifically aimed at raising funds to buy more Bitcoin. Let's go. According to the plan, the US would use the funds to purchase a massive 200 billion worth of Bitcoin. This reserve could provide stability in a world increasingly dominated by digital currencies and reduce America's reliance on traditional financial assets. That's right. The CEO of New Market Capital argued that this move would serve two key purposes. First, it would allow the US to capitalize on the Bitcoin potential as a long term store of value, especially with inflation and rising debt levels. And second, it would send a strong signal to the world that the US Is serious about staying at the forefront of technological innovation and digital finance. Here you can see the proposal. Newmark Capital new market capital CEO suggesting USA issue a 2 trillion bit bond by 200 billion worth of Bitcoin. The 2 trillion and bit bonds issuance would be a significant undertaking, but it could help address the country's growing debt problem. The U s is sitting on 31 trillion worth the national debt. The proposal seeks to hedge against inflation while protecting the country's financial stability in the long run. Also, U S Congressman Nick Begish is set to introduce legislation today in the House aimed at creating a strategic Bitcoin reserve for the US government. And the bill proposes the government to purchase 1 million BTC over five years which is 200000 bitties per year to strengthen the nation's financial position and secure Bitcoin as a long term asset. And the bill has already six co sponsors. Let me know if you think this bill will likely pass. This move highlights the growing recognition of Bitcoin's potential to act as a hedgehog against inflation and diversify the country's financial reserves. If passed, the legislation would mark a significant step towards integrating digital assets and the U S economic framework. So there you have it. Yo. All right, now for our feature story of the day, Senator Lummis's new bitcoin act allows the U. S. Reserve to exceed 1 million bitcoin. And as you know, as I covered in the past maybe three days of the podcast, we've been speculating on Michael Saylor's proposal urging president Trump in the United States to purchase up to 25 of the Bitcoin supply, an estimated 5.5 million Bitcoin. And you know, Cynthia lummis's bill proposed just a 1 million bearish outlook, I would say, in comparison to Michael saylor. But now the updated bitcoin act will allow the u. S. Reserve to exceed 1 million bitcoins. So 1 million is approximately 5% of the bitcoin supply. And I think they should go all in if they're going to do it at all. But let's dive into this a little further and shout out Cynthia lummis. Her newly reintroduced bitcoin act will allow the government to potentially hold more than 1 million bitcoin as part of its newly reserved or established reserve. The bill was first introduced back in July and it directs the u. S. Government to buy 200,000 bitcoin a year over the course of five years for a total acquisition of 1 million bitcoin, which is 5% of the circulating supply, which would be paid for by diversifying existing funds within the federal reserve system as well as the treasury department. However, the reintroduced act, the boosting innovation technology and the competitiveness through optimized investment Nationwide act of 2025. Wow, what a name. And I guess the acronym for all those words is bitcoin. Interesting. Opens the door for the US to acquire and hold in excess of 1 million BT DC as long as it is acquired through lawful means other than direct purchase, such as seminal civil or criminal forfeitures, gifts made to the U. S or transfers from federal agencies. I find this all kind of hilarious in a sense, because think of it this way, how does the United States get bitcoin if they're not allowed to purchase it? Well, they confiscate it from criminals who steal it from retail. So in my mind, it makes more sense to just return the stolen bitcoin to the retail investors versus allowing the US Government to seize it from the criminals. But I digress. I mean, what do I know? It just seems up to me. But I digress. Proud to reintroduce the bitcoin act. Let's secure America's financial future, shall we? Yeah, let's do that. The extra bitcoin can also come from US States that voluntarily store their bitcoin holdings in the Strategic Bitcoin Reserve, though it'll be stored in a Are your.
- [27:58]
Cynthia Lummis
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- [28:40]
JV
Visit trimfire radio.com segregated account by transforming the President's visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy, according to Cynthia Lummis, who announced the revamp bill during a March 11 conference hosted by the Bitcoin Policy Institute. So that was yesterday. The Bitcoin act also has a number of new co sponsors, including Republican Senator Jim Justice, Tommy Tuberville and Roger Marshall, as well as Marshall Blackburn and Bernie Moreno. I am proud to join Senator Lummis on the Common Sense bill to create a strategic Bitcoin reserve and codify President Trump's Executive order. The bill represents America's continued leadership and financial innovation, bolster both our economic security and gives us an opportunity to wrangle in our soaring national debt. Regarding other changes, the bill is now set for a formal evaluation process for Bitcoin Forked assets and air dropped assets in the reserve. Interesting Bitcoin forked assets. An example of that would be Bitcoin Cash Trash or Satoshi Vision. I don't even know why they would entertain that, but again, I digress. Initially, the bill required all forked assets to be stored in the reserve and couldn't be sold or disposed of for five years unless authorized by the law. The new bill now directs the Secretary, after the mandatory holding period to evaluate and retain most valuable asset based on the market capitalization while retaining the dominant asset. Bitcoin has hard forked a number of times in the past to create new cryptos, most notably Bitcoin Cash Trash which forked on August 1st of 2017, and Bitcoin Gold Gold which forked on October 24th of 2017. Loomis's reintroduced bill comes days after U S President Trump signed the Executive order to create the Strategic Bitcoin Reserve. And good thing he created a digital asset stockpile separate from the Strategic Solo Bitcoin Reserve, which will only hold bitcoin. The reserve in the stockpile will initially use crypto forfeited stolen bitcoin in the government, criminal and civil cases, but the reserve won't sell the stash bitcoin and will use budget neutral ways to increase its size while tokens from the stockpile could be sold. So there you have it. The stockpile altcoins can all be sold. Bitcoin shall not be sold because why would you sell the hardest asset ever created known to mankind? You just don't do that. But with that being shared, there you have it. Yo, let me know your thoughts. I'm going to read your comments out loud. Welcome everyone to the Q A segment of the live stream. Dame Sailor is gonna wind up with most of it. Precisely Entertainment, my peoples. That is what we do here. Do not sell King Kong ain't got nothing on the biddy. Exactly. King Kong ain't got on jv, a wise man once said. And don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate in our live Q A. And I look forward to seeing you on tomorrow's episode. Hodl.