Senator Cynthia Lummis, a Republican from Wyoming, has a bold idea: she wants the US government to buy a million Bitcoin over the next five years. This would be about 5% of all Bitcoin in existence.
Why Buy Bitcoin?
Lummis says this “strategic Bitcoin reserve” would help reduce the US’s massive national debt, which is currently over $34 trillion. She believes that Bitcoin’s value will increase over time, and owning it could help the US pay down its debt faster.
She also argues that buying Bitcoin would help the US dollar stay competitive in the global economy. Lummis even compared her proposal to the Louisiana Purchase, a historical land deal that dramatically expanded the US.
How It Would Work
The plan involves creating secure Bitcoin vaults managed by the Treasury Department. The money to buy Bitcoin would come from existing funds within the Federal Reserve and Treasury.
Financial Freedoms
Lummis’s plan emphasizes that it would not violate the rights of individuals to control their own Bitcoin. She also wants to ensure that the US remains a leader in financial innovation, especially in the world of cryptocurrencies.
A New Era for US Economic Policy?
Lummis’s proposal is a big deal. It’s a bold step towards incorporating cryptocurrencies into the US’s financial strategy. It’s likely to spark debate, but it could also mark a new era in how the US manages its economy.
