Senator Cynthia Lummis Proposes Bitcoin Solution As US Debt Hits $35 Tln 🚀

As the United States’ national debt reaches a record $35 trillion, Senator Cynthia Lummis of Wyoming has introduced a groundbreaking proposal.

She presented a bill in the Bitcoin 2024 conference held in Washington, D.C. to address the mounting national debt by leveraging Bitcoin. The suggested legislation is about establishing a strategic reserve of Bitcoins that can be used as a backing for the US dollar, making it stronger globally.

Senator Cynthia Lummis Bitcoin Solution

The United States’ national debt has hit an all-time high of 35 trillion dollars. Just days ago as reported by Coingape, Senator Cynthia Lummis brought forward an innovative idea concerning creating strategic Bitcoin reserves.

According to the newly unveiled bill at the conference Bitcoin 2024, its objective is to protect the dollar’s place as a world currency and strengthen the American economic condition through the inclusion of this cryptocurrency as financial asset.

Concurrently, as per Senator Cynthia Lummis proposal, there are some plans to create a decentralized network of secure bitcoin vaults, all under the management of the US Department of Treasury. The first step involves buying one million bitcoins, which represents about 5% of all bitcoins available worldwide, and using them as state reserves taken from existing reserves within the Federal Reserve System and .

Senator Cynthia Lummis argues that one must use every tool available in order to deal with ever increasing inflation rates and cost of living across the country.

Addressing US Debt Hits $35 Trillion

The United States’ national debt has reached an all-time high of $35 trillion, highlighting severe fiscal challenges. According to the Treasury Department, this is due to federal program costs that have grown faster than expected. High interest rates have been an issue that has affected the country’s debt management and financial stability.

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