US Senator Cynthia Lummis has reiterated her proposal for a Bitcoin reserve as a solution to reduce the US national debt, which recently surpassed $35 trillion according to the Treasury Department. Highlighting the stark contrast from a debt level of $907 billion four decades ago, Lummis suggests that a strategic Bitcoin reserve could help stabilize the nation’s finances.
Lummis Advocates for Bitcoin Reserve to Bolster Dollar’s Global Dominance
Fox Business reports that Lummis is developing a bill that would require the Federal Reserve to maintain Bitcoin as a strategic reserve asset. Announced at the Bitcoin 2024 conference, the bill proposes acquiring 1 million Bitcoin over five years to reduce the national debt and secure the dollar’s position as the world’s reserve currency. The proposed Bitcoin reserve would be held for at least two decades, funded by reallocating existing government funds.
Trump Pledges to Retain Seized Bitcoin Assets
At the same conference, Republican presidential nominee Donald Trump committed to preserving the existing Bitcoin holdings seized by the US government, though he did not support an official Bitcoin strategic reserve.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
