Senator Cynthia Lummis is urging the U.S. Treasury to convert a portion of its gold holdings into Bitcoin (BTC) to create a Strategic Bitcoin Reserve. She proposes using gold certificates instead of purchasing Bitcoin directly, which would allow the government to add Bitcoin without impacting its balance sheet. This could save the U.S. approximately $90 billion at current prices.
Lummis's plan aims for the U.S. to acquire 5% of Bitcoin’s total supply (about 1 million BTC) over 20 years. Anthony Pompliano believes this could be a smart move, comparing the cost to the national debt increase, while Mike Novogratz is skeptical about the proposal under the Trump administration but suggests it could push Bitcoin to $500,000 per BTC.
