Senator Cynthia Lummis Proposes US Government Buy and Hold 5% of the Global Bitcoin Supply to Help Reduce the National Debt
- WBOYOriginal
- 2024-07-28 09:12:081081browse
Senator Cynthia Lummis has introduced a bill proposing that the US government buy and hold 5% of the global Bitcoin supply to help reduce the national debt. This proposal was announced at the Bitcoin2024 Conference in Nashville on July 27.
US Senator Cynthia Lummis has proposed legislation to establish a Strategic Bitcoin Reserve, aiming to help reduce the national debt by having the government purchase and hold up to 5% of the total global supply of Bitcoin (BTC).
This proposal was announced by Lummis at the Bitcoin2024 Conference in Nashville on July 27. The senator's plan involves purchasing one million BTC over the next five years, starting with 210,000 BTC. These will be stored in various secure locations, according to the proposal.
“Instead of continuing to hold assets that lose value over time, like bonds, we will invest in an appreciating asset, protecting our nation’s wealth against inflation,” Lummis said in a statement, highlighting Bitcoin's potential to help preserve the nation's purchasing power.
She added that this move could help strengthen the financial position of the US by shifting investments from depreciating assets to appreciating ones, ultimately contributing to a reduction in the national debt.
The proposal was met with enthusiasm from the audience at the conference, reflecting Lummis's strong standing in the cryptocurrency space. She likened this initiative to significant historical moves like the Louisiana Purchase, underscoring its potential to be a transformative decision for the nation's economy.
This announcement follows former President Donald Trump's speech at the conference, where he shared his goal to make the US a leading hub for cryptocurrency if he is re-elected.
Also Read: Trump Plans to Form New Crypto Presidential Advisory Council
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