#BTCNextMove
The Federal Reserve's stance on Bitcoin ownership and Senator Lummis's proposal🚨
According to ShibDaily, Federal Reserve Chairman Jerome Powell has reiterated that the central bank is not authorized to own Bitcoin, despite a proposal from Senator Cynthia Lummis suggesting otherwise. During a press conference following the last meeting of the Federal Open Market Committee (FOMC) of the year, Powell emphasized that the Federal Reserve has no plans to hold Bitcoin as part of its reserves and does not intend to seek legislative changes to allow such actions. This stance comes amid growing interest in cryptocurrencies as President-elect Donald Trump prepares to take office.
Powell's statements highlight the central bank's reluctance to integrate Bitcoin into its monetary policy framework, keeping the focus on preserving the dollar's dominance in global markets. In contrast, some members of the incoming Trump administration are exploring alternative reserve assets. Experts suggest that creating a Strategic Bitcoin Reserve could create tensions between regulatory agencies and the executive branch, complicating efforts to incorporate Bitcoin into federal financial systems.
However, Senator Lummis has proposed a plan to grant the Federal Reserve the authority to own bitcoins. In an interview with Yahoo Finance, she outlined her proposal for the U.S. government to acquire 200,000 bitcoins annually for five years, ultimately accumulating one million bitcoins. The plan includes holding the bitcoins for at least 20 years, and projections suggest that the reserve could appreciate to $16 trillion. Lummis believes that a Bitcoin reserve could strengthen the U.S. dollar and address challenges related to the country's large debt.
