A pro-crypto senator is proposing legislation for the US to stockpile 1 million Bitcoin (BTC) as the country’s national debt continues to rise.
Speaking at the Bitcoin 2024 Conference, Republican Senator Cynthia Lummis of Wyoming announces that she will propose a bill to establish a BTC reserve as a means of securing the value of the US dollar amid a record-breaking national debt.
“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation.
Families across Wyoming and the US are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing economic future.”
According to Lummis, the legislation will drive the US government to accumulate 1 million BTC or 5% of BTC’s total supply in five years.
“With a strategic Bitcoin reserve, we will have an asset that can cut our debt in half by 2045.”
Lummis says the plan is to convert excess funds from the 12 Federal Reserve banks into Bitcoin over a period of half a decade.
“This is the solution. This is the answer. This is our Louisiana Purchase moment!”
According to data from the U.S. Treasury Department, the current national debt is sitting at a staggering $34.99 trillion.
Bitcoin is trading for $68,478 at time of writing, a marginal increase during the last 24 hours.
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