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- Senator Lummis proposes US to buy 1,000,000 Bitcoins to reduce national debt.
- Plan involves $68.1 billion investment over five years, supported by Trump.
Following our previous update on Senator Cynthia Lummis’s plans to announce legislation at the upcoming Bitcoin Conference that would require the Federal Reserve to hold Bitcoin as a reserve asset, the senator recently introduced a bill for the US government to buy 1,000,000 Bitcoins (5% of the global supply) to reduce national debt.
Blockchain researcher Collin Brown also recently tweeted that Senator Lummis aims to tackle US debt by purchasing 1 million Bitcoins over five years, to be held as a strategic reserve for at least 20 years.
In his view, this plan, supported by Trump and announced at the Bitcoin Conference, is seen as a groundbreaking move for America’s financial future.
🚀🇺🇸 Senator Lummis aims to reduce US debt with #Bitcoin! 💰📉 Plans to buy 1 million #BTC over 5 years and hold for at least 20 years as a strategic reserve. Supported by Trump at the Bitcoin Conference. A revolutionary idea for America's financial future! pic.twitter.com/GjN1z65wSl
— Collin Brown (@CollinBrownXRP) July 28, 2024
The proposal was made during her keynote at the Bitcoin 2024 conference in Nashville on July 27. The plan involves acquiring Bitcoin over five years, costing about $68.1 billion. The senator stated,
We have the money now, but we will no longer be holding it in US dollars and assets that are designed to debase at least 2% per year, we’ll be holding it in an asset that will grow in value,
Initially, the reserve will start with 210,000 Bitcoin, as mentioned by former President Trump, and be stored in diverse vaults. The strategic move intends for the funds to be moved from US dollars to Bitcoin to avoid devaluation and increase in value.
The proposal received positive reactions from the crypto community, with Lummis likening it to the Louisiana Purchase. Lummis’ announcement followed Trump’s speech, as reported in a CNF report earlier, where he optimistically planned to make the US a crypto leader and criticized a proposed 30% tax on Bitcoin mining by the Biden administration.
According to CoinMarketCap data, Bitcoin (BTC) currently trades at $69,528.80, having surged by 2.12% in the past day and 1.98% in the past week.
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