Senator Cynthia Lummis suggested in a post on X that the US government may purchase Bitcoin. “Something is going to happen to Franklin,” she commented, posting an image of a laptop with a Bitcoin label and a cartoon of the famous anthropomorphic turtle on the token.
Recently, the Franklin Turtle meme became associated with the U.S. government after U.S. Secretary of Defense Pete Hegseth shared an image of Franklin firing an RPG from a helicopter in what was labeled as a parody book about Franklin Targeting Narco-Terrorists.
Sen. Lummis has long been one of Bitcoin’s most vocal supporters in Washington, frequently arguing that Bitcoin provides long-term financial stability in contrast to ballooning U.S. debt. He has previously called for a clearer regulatory framework and for federal agencies to treat bitcoin as a strategic asset rather than a speculative vehicle.
Some suggest US Bitcoin purchases could be a game-changer.
Lumis’ response: postUser X shared that government-backed purchases of Bitcoin require minimal oversight of the asset and be aware of the risk of extreme volatility.
“Imagine the Treasury diversifying into BTC. This is a legendary pivot,” praised the initiative, while another user described it as innovative. Additionally, some claimed If the US moves to classify Bitcoin as part of its strategic reserves, G20 central banks will face a “Nakamoto Dilemma” and will be unable to avoid holding onto Bitcoin while the US accumulates it.
Commenter Rocco Riad also noticed Senators teasing the possibility of the federal government owning Bitcoin is an important development at a macro level. Government accumulation will elevate BTC into the realm of strategic reserves and strengthen supply dynamics. They also point out that the policy-making environment is becoming increasingly Bitcoin-friendly.
Texas purchases nearly $5 million in Bitcoin
texas state officials Confirmed On Monday, the state announced it had acquired about $5 million in Bitcoin through an exchange-traded fund managed by BlackRock. A few months ago, Texas Governor Abbott approved Senate Bill 21. The bill, which would allow states to establish taxpayer-funded Strategic Cryptocurrency Reserves, was a hotly debated and polarizing bill.
This transaction stands out as one of the first by a state government, as both federal and state authorities have shown greater tolerance for the growing cryptocurrency market. States such as New Hampshire and Arizona have introduced their own virtual currency reserve frameworks through recent legislation.
Despite the enthusiasm, critics argue that using taxpayer funds to buy Bitcoin exposes states to unpredictable fiscal fluctuations. Opponents of the Texas bill warned during Congressional deliberations that Bitcoin’s volatility could threaten the national treasury if the market falls sharply.
Others questioned whether government involvement would distort private markets or undermine the decentralization principles that underlie cryptocurrencies in the first place. Still, proponents counter that long-term shortages and increased adoption outweigh short-term fluctuations.
Pension systems in Wisconsin and Michigan have doubled down on investing in cryptocurrencies over the last year, but Texas stands out as the first state to directly fund crypto reserves. Lee Bratcher, president of the Texas Blockchain Council, a pro-cryptocurrency group that supported the bill, commented, “I think that for Texas to establish a leadership position, similar to what the oil and gas industry has done over the past century, will be very beneficial to Texans over time. I think we’ve just scratched the surface.”
Bratcher claimed Texas purchased it late last month for a price close to $87,000. I first heard about the matter on a Zoom call that also included Acting Comptroller Kelly Hancock. He noted that Texas’ choice would have benefits for decades, ranging from a larger workforce to increased tax collections.