Senator Cynthia Lummis, the sponsor of a bill calling for the US to set up a Bitcoin reserve, suggested that progress on the proposal is likely to take longer than many crypto advocates would like.

“Because I spend dollars and save Bitcoin,” Lummis told a Fox reporter when asked why she didn’t use Bitcoin to buy drinks at Pub Key in New York. “Bitcoin is an asset that’s growing in value, and I know it’s volatile… but in the long term, it’s growing in value, where the US dollar is by design debasing every year.”

Lummis will finally assume the role of Chair of the newly established Digital Asset Subcommittee under the Senate Banking Committee.

Senator Lummis and industry leaders to explore US Bitcoin reserve initiatives amid changing digital asset regulations on March 11.

The U.S. government can purchase Bitcoin using several budget-neutral strategies, according to Standard Chartered analysts.

Post the US Strategic Bitcoin Reserve news, Coinbase CEO Brian Armstrong believes that US move will be a model for G20 countries to follow.