2024

United

Biden

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/senator-advocates-us-bitcoin-acquisition" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senator Advocates US Bitcoin Acquisition</a><br></p>
<p style="text-align: justify">United States Senator Cynthia Lummis has introduced a proposal for the US government to purchase 5% of the global <a href="https://en.bitcoinhaber.net/bitcoin-analyst-predicts-potential-summer-crash" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> supply. Speaking at the Bitcoin 2024 Conference in Nashville on July 27, Lummis emphasized that holding Bitcoin could serve as a strategic reserve to mitigate national debt. The plan envisions the government acquiring one million Bitcoin over the next five years, which would cost around $67.4 billion at current market prices.</p>
<h2 id="implementation-timeline">Implementation Timeline</h2>
<p style="text-align: justify">Lummis outlined that the Bitcoin reserve would start with 210,000 Bitcoins and be stored in various vaults across the country. The government would transition from holding US dollars and other depreciating assets to owning Bitcoin, which is expected to appreciate in value over time.</p>
<h2 id="support-and-opposition">Support and Opposition</h2>
<p style="text-align: justify">The proposal received enthusiastic support from conference attendees, who praised it as a significant step forward. Lummis’ announcement followed a speech by former President Donald Trump, who pledged to establish the US as a global leader in cryptocurrency if re-elected.</p>
<p style="text-align: justify">A few days before the conference, Lummis released a report opposing the Biden administration’s proposed 30% tax on energy used by Bitcoin miners, arguing that it would harm the country’s energy infrastructure. This report was titled “Halting Progress: Why the Bitcoin Mining Tax Harms America?” and highlighted the potential benefits of crypto mining for the US energy grid.</p>
<h2 id="concrete-inferences">Concrete Inferences</h2>
<p style="text-align: justify">– The Bitcoin acquisition could potentially strengthen the US <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">financial</a> position by holding an appreciating asset.<br> – The move could position the US as a leading nation in the global cryptocurrency landscape.<br> – The strategy indicates significant political backing for cryptocurrency within certain government sectors.</p>
<p style="text-align: justify">The proposal suggests a turning point in how the US government might approach digital assets, reflecting a growing recognition of their potential economic benefits.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/senator-advocates-us-bitcoin-acquisition" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senator Advocates US Bitcoin Acquisition</a></h5>

Senator Advocates US Bitcoin Acquisition

Table of Contents

BH NEWS

Other articles published on Jul 28, 2024

Michael Saylor's Epic Bitcoin (BTC) Price Prediction Stuns Crypto Community

Shiba Inu’s next move: Key SHIB signs point to a breakout above…

Swiss regulator FINMA targets stablecoin issuers in new proposal

4 Top Crypto Gainers: MEW, HNT, SATS, FLOW

BIG Bitcoin News: Trump to Fire SEC Chair Gensler on Nov 6 to Boost Bitcoin

BlackRock Sees Major Bitcoin ETF Inflows

Join our free newsletter for daily crypto updates!