Senator Cynthia Ramis A Republican congressman from Wyoming has announced plans to introduce legislation that would direct the U.S. government to set aside 1 million bitcoins, which would be worth more than $68 billion at current prices.
Lectures Bitcoin 2024 Conference Speaking in Nashville, Lummis said the bill would require the U.S. Treasury to purchase Bitcoin over a five-year period as a strategic reserve asset to shore up the dollar, which he likened to the government’s Strategic Oil Reserve.
“Modeling the numbers and past experience show that Bitcoin has the power to fundamentally change the mess the U.S. is in with debt and deficits,” Lummis said.
The senator said that the government Self-management Bitcoin is distributed across different geographic locations, assets can only be used to repay sovereign debt and must be held for at least 20 years.
Lammis is one of the leading Bitcoin advocates in Congress, and believes acquiring Bitcoin will help stabilize the value of the dollar and tame inflation, which has recently seen the national debt surpass $35 trillion.
Her proposal was made by former President Donald Trump supports the idea. Speaking at a conference in Nashville, President Trump spoke about the U.S. Bitcoin reserve, saying that the government’s 210,000 Bitcoins will never be sold.
Independent presidential candidate Also known as Robert F. Kennedy Jr. Buy 500 Bitcoin every day until you have a reserve of 4 million Bitcoin.
Rammis acknowledged that the bill is unlikely to pass before the 2024 elections, but Bitcoin Reserve It reflects a paradigm shift: Bitcoin has become a major election issue, with both parties eager to embrace the burgeoning industry.
The Lummis Bill is the most aggressive government adoption of Bitcoin ever proposed, and while its future prospects remain unclear, the move would legitimize Bitcoin as an economic asset.
Lummis said he is “optimistic” that other bitcoin-focused bills could be passed this year as the technology moves closer to the political mainstream.
