Donald Trump plans to deliver a speech at the Bitcoin 2024 conference in Nashville, Tennessee this weekend. At the same time, Republican Senator Cynthia Lummis, who is pro cryptocurrency, seems to be preparing to announce a new bill at the meeting that would make Bitcoin a strategic reserve asset.

Fox Business, citing three cryptocurrency executives familiar with the bill, reported that Cynthia Lummis is preparing to announce the legislation at the annual Bitcoin conference, which will require the Federal Reserve to hold some Bitcoin as a strategic reserve asset. However, the announcement time may still be uncertain. Cynthia Lummis's staff said that she hoped to announce her legislation before Trump's speech; And let Trump openly support this bill and the idea behind it at the event.

The news of the bill has not been made public yet, but Cynthia Lummis has given some hints on her X account this week, writing:

Something big is going to happen this week. Stay tuned

Although the specific content of the legislation is not yet clear, according to a person who has seen the initial draft, the purpose of the bill is to guide the Federal Reserve to purchase Bitcoin and hold it as a reserve asset, just like the country's central bank holds gold and foreign currency to help manage the US monetary system and maintain the stability of the US dollar value.

Sam Lyman, Director of Public Policy at Riot Platforms, a Bitcoin mining company, stated:

Classifying the world's largest cryptocurrency as a strategic reserve asset would be the first shot in the Bitcoin space race. If the United States - the wealthiest country in the world and home to global capital - starts accumulating Bitcoin on its balance sheet, other countries will have a strong incentive to do the same

However, this move may still cause controversy. Some people are concerned that adding cryptocurrencies may weaken the value of gold, which is a major pillar of the US economy. Crypto skeptics are also concerned that the volatility trend of Bitcoin may make it difficult for the Federal Reserve to effectively use Bitcoin to hedge against economic headwinds.

Cynthia Lummis herself is a Bitcoin investor. She is known as the 'Queen of Cryptocurrency' in the Senate and is a supporter of using Bitcoin to enhance the country's financial status.

In 2022, she proposed the idea of using Bitcoin to diversify the Federal Reserve's $40 billion worth of foreign exchange, emphasizing that the decentralized nature of the asset would make it more "ubiquitous" over time. In an interview earlier this month, she proposed the idea of including Bitcoin in reserves, stating that it would help support the strength of the US dollar. It is unclear how Trump will view Bitcoin as a potential reserve asset, or whether he will support it.