At the Bitcoin 2024 conference held in Nashville, Tennessee, former President Trump delivered a keynote speech, after which Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve Act in the U.S. Senate, aiming to gradually acquire 5% of the total Bitcoin supply.

Microstrategy CEO Michael Saylor praised the initiative as the equivalent of the Louisiana Purchase of the 21st century. However, Cardano founder Charles Hoskinson believes that while the adoption of BTC as a strategic reserve asset would increase its price, it would also allow state actors to influence the Bitcoin network.