The U.S. national debt has passed a staggering $35 trillion.
Senator Lummis thinks a Bitcoin reserve could stem the negative economic trend.
Lummis proposes the U.S. buys 5% of the world’s Bitcoin supply.
The U.S. Senator from Wyoming, Cynthia Lummis, has reiterated the need for the government to implement a “strategic Bitcoin reserve.” In a recent post on X, Lummis noted that the U.S. national debt has surpassed a staggering $35 trillion, and only a Bitcoin reserve could curb the negative economic trend. According to her, the implementation would also help to pay down the national debt for future generations.
Today, the national debt has passed a staggering $35 trillion. A strategic Bitcoin reserve could stop this runaway train and help pay down the national debt for our future generations.
— Senator Cynthia Lummis (@SenLummis) July 30, 2024
Lummis’ recent post supports her proposal during the just-concluded Bitcoin 2024 in Nashville. In her keynote address, the Senator proposed the strategic Bitcoin reserve bill to revolutionize the U.S. fiscal strategy. She suggested the U.S. purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years to mitigate the nation’s burgeoning debt.
Explaining her strategy, Lummis proposed the U.S. government purchase one million Bitcoins for about $68 billion, based on Bitcoin’s price at the time of her presentation. She recommended that the government commence the initiative by including 210,000 Bitcoins previously referenced by former president Donald Trump, securely stored in geographical locations.
“We have the money now, but we will no longer hold it in U.S. dollars and assets designed to debase at least 2% per year,” said Lummis.
According to the Senator, holding Bitcoins would allow the nation’s fiscal reserve to grow in value and supercharge the U.S. dollar by solidifying its stance against inflation. Lummis believes the move can potentially ensure U.S. supremacy in the rapidly shifting global financial landscape.
Notably, Lummis’ proposal suggests the strategic Bitcoin reserve mirrors the U.S. gold reserve and would create a decentralized network of secure Bitcoin vaults operated by the Treasury Department.
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