Senator Lummis is proposing a groundbreaking idea to help reduce the U.S. national debt – a strategic Bitcoin reserve. This plan involves purchasing one million BTC coins over the next five years and holding onto them for at least two decades. The goal is not only to decrease the national debt but also to bolster the strength of the U.S. dollar.
Senator Cynthia Lummis is set to introduce a bill known as the “strategic bitcoin reserve” that aims to decrease the national debt by acquiring one million bitcoins over a five-year period. These bitcoins will then be held for a minimum of 20 years. This initiative is part of a broader legislative effort to establish a comprehensive regulatory framework for the cryptocurrency industry, known as the Responsible Financial Innovation Act or the Lummis-Gillibrand bill.
By accumulating one million bitcoins over five years and holding onto them for at least two decades, Senator Lummis is demonstrating a long-term vision for the role of cryptocurrency in the U.S. economy. This move is not only aimed at reducing the national debt but also at strengthening the U.S. dollar by diversifying the country’s financial assets.
In a related development, former President Donald Trump has pledged to fire SEC chairman Gary Gensler if re-elected in November. Trump has also expressed support for creating a strategic Bitcoin reserve, as well as for stablecoins and the Bitcoin mining industry. These announcements highlight the increasing political interest in integrating Bitcoin into national economic strategies.
As Bitcoin continues to perform strongly in the market, trading at over $67,500.26, there is a growing belief in its potential as a valuable asset. This positive trend suggests that Bitcoin could play a significant role not only for individual investors but also for the United States government in its strategic reserves.
