Senator Cynthia Lummis has introduced a bill proposing that the US government buy and hold 5% of the global Bitcoin supply to help reduce the national debt. This proposal was announced at the Bitcoin 2024 Conference in Nashville on July 27.
Lummis’s plan involves purchasing one million Bitcoin over the next five years, starting with 210,000 Bitcoin. These will be stored in various secure locations. “Instead of holding assets that lose value over time, we will invest in Bitcoin, which increases in value,” Lummis explained, emphasizing Bitcoin’s potential to protect the nation’s wealth against inflation.
She further explained that this move could significantly strengthen the financial position of the US by shifting investments from depreciating assets to appreciating ones.
The proposal was well-received by the audience, reflecting Lummis’s strong standing in the cryptocurrency space. She compared this initiative to significant historical moves like the Louisiana Purchase, underscoring its potential to be a transformative decision for the nation’s economy.
The announcement came after former President Donald Trump’s speech, where he shared his goal to make the US a leading hub for cryptocurrency if he is re-elected.
Also Read: Trump Plans to Form New Crypto Presidential Advisory Council
