A pro-crypto senator is proposing legislation that would require the US to stockpile 1 million Bitcoin (BTC) as the country’s national debt continues to rise.
At the Bitcoin 2024 conference, Republican Senator Cynthia Lummis of Wyoming announces that she will introduce a bill to establish a BTC reserve as a means to safeguard the value of the US dollar amid record-breaking national debt.
“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency in the 21st century and ensure that we remain the global leader in financial innovation.
Families across Wyoming and the US are struggling to keep up with rising inflation rates and record-breaking costs, while our national debt reaches unprecedented levels; Now more than ever, we must create a better future for generations of Americans by diversifying into Bitcoin and securing the economic future.”
According to Lummis, the legislation will push the US government to accumulate 1 million BTC or 5% of the total supply of BTC over five years.
“With a strategic one Bitcoin reserve, we will have an asset that can cut our debt in half by 2045.”
Lummis says the plan is to convert excess cash from the twelve Federal Reserve banks into Bitcoin over half a decade.
“This is the solution. This is the answer. This is our Louisiana Buying Moment!”
According to data from the U.S. Department of the Treasury, the current national debt is a whopping $34.99 trillion.
Bitcoin is trading at $68,478 at the time of writing, up marginally over the past 24 hours.
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