United States Senator Cynthia Lummis made a remarkable suggestion about Bitcoin. Lummis introduced a bill proposing that the US government purchase 5% of the worldwide Bitcoin supply and hold it for at least 20 years. Additionally, important developments in the mining sector are also on the agenda.

Bitcoin Reserve Recommendation

Speaking at the Bitcoin 2024 Conference held in Nashville, Tennessee on July 27, Lummis stated that this strategic Bitcoin reserve plan was presented as a solution to reduce debt. According to Lummis' proposal, the US government aims to acquire one million Bitcoins, equivalent to approximately 5% of the total supply of 21 million Bitcoins, within five years. Considering that Bitcoin's price is $67,400, purchasing this amount would cost approximately $67.4 billion. Lummis included the following statements in his speech: “This Bitcoin Reserve that we will create will start with the 210,000 Bitcoins that President Trump mentioned, and these Bitcoins will be stored in geographically different safes. This is just the beginning. We have money now, but we won't keep it in assets that lose at least 2% annually, such as the US dollar; “Instead, we will store it in an asset that will increase in value.”

Crypto Industry and Trump's Statements

Lummis, known for his crypto-friendly stance in the crypto industry, said in his speech at the Bitcoin 2024 event: “Here is the solution, here is the answer, here is our Louisiana moment, thank you Bitcoin!” He received positive reactions. His speech was delivered immediately after former US President and current Republican presidential candidate Donald Trump's highly anticipated inaugural address. Trump has announced his intention to make the United States the crypto capital of the world if elected in November.

Report Against Proposed Tax on Bitcoin Mining

This proposal comes just days after Lummis published a report opposing the Biden administration's proposed 30% excise tax on Bitcoin mining activities. On July 23, Lummis wrote, “Stolling Progress: Why the Bitcoin Mining Tax is Hurting America.” He published a report titled: The report highlighted the benefits of Bitcoin mining infrastructure to the US energy grid.

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