Bitcoin
Senator Cynthia Lummis Proposes US Accumulates 1,000,000 Bitcoins Amid Record National Debt
A pro-crypto senator is proposing legislation for the US to stockpile 1 million Bitcoins (BTC) as the country’s national debt continues to rise.
Speaking at the Bitcoin 2024 Conference, Wyoming Republican Senator Cynthia Lummis announces that she will propose a bill to establish a BTC reserve as a means of guaranteeing the value of the US dollar amid record national debt.
“Establishing a strategic reserve of Bitcoin would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure that we remain a world leader in financial innovation.
Families across Wyoming and the U.S. are struggling to keep up with rising inflation rates and record costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future.”
According to Lummis, the legislation will to drive the US government to accumulate 1 million BTC or 5% of the total BTC supply in five years.
“With a strategic reserve of Bitcoin, we will have an asset that can halve our debt by 2045.”
Lummis it says the plan is to convert surplus funds from the 12 Federal Reserve banks into Bitcoin over a half-decade period.
“This is the solution. This is the answer. This is our Louisiana Purchase moment!”
According to data According to the U.S. Treasury Department, the current national debt stands at a staggering $34.99 trillion.
Bitcoin is trading at $68,478 at the time of writing, up marginally over the past 24 hours.
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