Undeterred by BTC's ongoing dip, Senator Cynthis Lummis makes a bold proposal.
She wants to make it legal for the FED to buy and hold Bitcoin.
Proposes a 1 million BTC buying plan over 5 years and holding for 20 to offset national debt.
The crypto market continues its brutal dip as Bitcoin price slips below the $100,000 price mark currently trading at $97,000. Many analysts had already predicted additional correction phases as Bitcoin sets new ATHs and explores higher highs in its discovery phase. Thus, most analysts seem unfazed by the current dip.
Despite the falling price of the crypto market, long-term believers remain strong in their expectations for Bitcoin potential and its cycle top piece that could go up to $200,000 BTC price this crypto bull run. In the eyes of many, one of the main reasons that the market dipped was due to the statement made by the FED Chairman who said that they were not allowed to own Bitcoin.
Cynthia Lummis Advocates for FED Owning Bitcoin
This alongside the US stock market wiping out over $1.5 trillion led to the start of the ongoing correction phase. In response to the FED’s statement, Cynthia Lummis makes a statement of her own. The Senator states that she would like to make it legal for the FED to buy and hold Bitcoin as a Federal Reserve.
https://twitter.com/WatcherGuru/status/1869813203485737170
As we can see from the video in the post above, Lummis says that she wants the Fed to have a Strategic Bitcoin Reserve, a sentiment she shares with current President Elect of the US, Donald Trump. Lummis hopes to use this reserve to back the US Dollar as the world reserve currency.
She Proposal a 1 Million BTC Buying Plan
https://twitter.com/BTC_Archive/status/1869793895347040402
She adds that the US being allowed to buy Bitcoin she hopes to offset the national debt. She says if the FED could purchase around 200,000 BTC per year for 5 years. She says that holding a million BTC for 20 years will certainly bring monumental returns for the US and offset its dramatic national debt.
The post Cynthia Lummis Proposes 1M BTC Buying FED Strategy Over 5 Years and Holding for 20 Years to Offset National Debt appeared first on Crypto News Land.
