Senator Lummis suggests a $73B Bitcoin reserve to tackle the $35T US debt, aiming to boost the dollar’s strength worldwide.
The US aims to buy one million Bitcoins, boosting long-term value and economic stability amid inflation and rising costs.
Lummis’s bill challenges Biden’s Bitcoin mining tax, showcasing how mining actually supports and strengthens the US energy grid.
The debt balance of the United States of America is at a historical high of $35 Trillion. Cynthia Lummis has devised a tactful way of solving this problem among the Wyoming senators. Lummis suggested having a plan for a BTC reserve at the Bitcoin 2024 conference in Washington, D.C., as a means of fortifying the green fold and the overall stability of the country’s economy.
JUST IN: The US National Debt just broke $35 trillion for the first time in history pic.twitter.com/7QWlsK420F
— Bitcoin Magazine (@BitcoinMagazine) July 29, 2024
Proposal for Bitcoin Acquisition
The idea called for the US government to purchase one million Bitcoins or 5% of all Bitcoins in circulation. At the current price of $66,663 for Bitcoin, this acquisition will cost you about $73 billion.
Its goal is to establish a strategic reserve under the US Department of Treasury’s management. The reserve would be kept in safe, geographically dispersed vaults, offering a steady stream of income that increases in value with time.
Lummis also underlined the significance of using all of the resources at one’s disposal to fight growing inflation and the rising expense of life. She maintained that owning Bitcoin delivers substantial long-term value growth in contrast to traditional assets that lose value every year. This audacious decision to invest in Bitcoin instead of US dollars is meant to bolster the dollar’s standing internationally.
Eureka! pic.twitter.com/v1Mxn4gszX
— Cynthia Lummis (@CynthiaMLummis) July 29, 2024
Reception and Implementation Plan
The attendees of the Bitcoin 2024 conference embraced Lummis’s suggestion. Calling the project a “Louisiana Purchase moment,” she emphasized its historical significance. If accepted, the government would progressively buy up the Bitcoins over the course of five years.
Along with fortifying the US dollar, Lummis’s bill seeks to preserve the dollar’s standing as a global reserve currency. Sh...
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