Tristan Thompson celebrates huge potential of new Strategic Bitcoin Reserve bill

Cleveland Cavaliers big man Tristan Thompson — who has spent the lion’s share of his NBA career with the Cavaliers and helped the team win a title in 2016 — recently expressed his excitement after Sen. Cynthia Lummis published legislation that introduced a Strategic Bitcoin Reserve.

According to Lummis’ website, she proposed the Bitcoin bill in hopes that it will help “supercharge the U.S. dollar and pay down the national debt by establishing a strategic Bitcoin reserve.”

Lummis released a statement regarding the piece of legislation.

“As families across Wyoming struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights, it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve,” Lummis said. “Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier.”

Lummis’ website also lists four things in particular that the bill would accomplish, including putting in place “a decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s Bitcoin holdings.”

Additionally, the bill would supposedly be funded by “diversifying” funds held by the Federal Reserve System as well as the Treasury Department.

However, it is worth noting that Lummis’ piece of legislation is only a draft at this point in time.

It’s unclear as to if Thompson is an owner of any form of cryptocurrency at this time, but in June, he made a post on X acknowledging that he’s done his research on the topic during his downtime in the offseason. Cleveland’s stint in the 2024 NBA Playoffs came to an end the month prior, as the Cavaliers lost to the eventual 2024 champions in the Boston Celtics in five games in the second round.

Thompson — who is seemingly in support of Lummis’ drafted bill regarding cryptocurrency — spent the first nine seasons of his NBA career with the Cavaliers and reunited with the team ahead of the 2023-24 campaign. He was limited to just 49 games during the regular season after getting handed a 25-game suspension for violating the NBA’s anti-drug policy.

He averaged 3.3 points, 3.6 rebounds and 1.0 assist per contest in the regular season. Thompson also appeared in 10 games during the Cavaliers’ stint in the 2024 NBA Playoffs but averaged just 1.5 points on 43.8 percent shooting from the field along with 0.5 blocks and 2.0 rebounds per game during that span.

Here’s hoping for Thompson and those who invest in cryptocurrency that Lummis’ bill will get approved in the near future.