A pro-cryptocurrency senator is proposing legislation that would require the US to stockpile 1 million Bitcoins (BTC) as the country's national debt continues to rise.
Speaking at the Bitcoin 2024 conference, Republican Senator Cynthia Lummis of Wyoming announced that she would propose legislation to create a BTC reserve as a means of backing up the value of the US dollar amid record-high government debt.
“Creating a Strategic Bitcoin Reserve will firmly cement the dollar's position as the world's reserve currency in the 21st century and allow us to remain a global leader in financial innovation.
Families across Wyoming and the United States are struggling to cope with rising inflation 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 bill would force the US government to accumulate 1 million BTC or 5% of the total BTC supply over five years.
“With the Bitcoin Strategic Reserve, we will have an asset that can cut our debt in half by 2045.”
According to Lummis, the plan is to convert the excess funds of the 12 Federal Reserve banks into bitcoin within five years.
“Here is the solution. Here is the answer. This is the moment of our Louisiana Purchase!”
According to the U.S. Treasury Department, the current national debt is a staggering $34.99 trillion.
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