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 <li>Senator Cynthia Lummis proposes a bill for the U.S. Treasury to buy 1 million bitcoins over five years, valued at $68 billion.</li>
 <li>The bill suggests holding bitcoins for at least 20 years or using them to reduce national debt.</li>
 <li>The U.S. Treasury may take custody of 210,000 bitcoins from criminal seizures, similar to strategic reserves of oil and gold.</li>
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<p>Senator Cynthia Lummis of Wyoming is <a href="https://cryptonewsland.com/senator-cynthia-lummis-to-speak-on-us-bitcoin-mining-demand-at-dc-summit/" target="_blank" rel="noopener noreferrer nofollow">set to introduce</a> a bill directing the U.S. Treasury to purchase one million bitcoins. This amount is valued at approximately $68 billion at current prices. The acquisition will occur over five years. This legislative move aims to establish a significant digital asset reserve.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">NEW: <a href="https://twitter.com/SenLummis?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SenLummis</a> unveils her <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> strategic reserve bill at <a href="https://twitter.com/TheBitcoinConf?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@TheBitcoinConf</a> with the goal of eliminating the national debt.<br><br>“This is our present to the United States of America.” <a href="https://twitter.com/CGasparino?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CGasparino</a> <a href="https://t.co/xMM2oQRd07" rel="noopener noreferrer nofollow">https://t.co/xMM2oQRd07</a> <a href="https://t.co/oLZEpuMbLh" rel="noopener noreferrer nofollow">pic.twitter.com/oLZEpuMbLh</a></p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1817303840447758422?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2024</a>
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<p>Senator Lummis, a long-time <a href="https://cryptonewsland.com/senator-cynthia-lummis-advocates-for-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">supporter of Bitcoin</a>, emphasized the value of the cryptocurrency as a store of value. Over the past four years Bitcoin has seen an average annual increase of 55%. In contrast, the U.S. dollar has depreciated. Rising inflation exacerbates this issue&nbsp; and Lummis argues that having a hard asset like Bitcoin to back the U.S. dollar could provide financial stability. It also offers growth potential.&nbsp;</p>
<p>The proposed bill includes provisions for the U.S. Treasury to self-custody bitcoins in various geographic locations. The government would hold these coins for a minimum of 20 years. They would be sold before the term only to reduce national debt. Lummis believes that <a href="https://bitcoin.org/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> could be a transformative solution for the country’s debt and deficit issues. This belief is based on modeling and past performance of the cryptocurrency.</p>
<p>Lummis, who reportedly bought her first Bitcoin in 2013, has been a prominent advocate for crypto-specific legislation. This year cryptocurrency has become a significant election issue.</p>
<p>The legislation also suggests that the U.S. Treasury should take custody of the estimated 210,000 bitcoins held by the U.S. <a href="https://www.justice.gov/" target="_blank" rel="noopener noreferrer nofollow">Department of Justice</a> and other agencies. These bitcoins were largely acquired through criminal seizures. Lummis compares this approach to the strategic reserves of oil and gold suggesting a strategic reserve of Bitcoin. This reserve could similarly serve to reduce national debt.</p>
<p>Senator Lummis views the establishment of a Bitcoin reserve as a logical and necessary step. It is a step towards financial security and debt reduction. The introduction of this bill marks a significant moment in the integration of cryptocurrency into national economic strategies.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
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 <li><a href="https://cryptonewsland.com/u-s-senator-cynthia-lummis-leads-charge-for-the-first-bitcoin-president/" rel="noopener noreferrer nofollow">U.S Senator Cynthia Lummis leads charge for the first Bitcoin president</a></li>
 <li><a href="https://cryptonewsland.com/senators-lummis-and-wyden-criticize-bidens-approach-to-bitcoin-software-regulations/" rel="noopener noreferrer nofollow">Senators Lummis and Wyden Criticize Biden’s Approach to Bitcoin Software Regulations</a></li>
 <li><a href="https://cryptonewsland.com/senator-cynthia-lummis-advocates-for-bitcoin/" rel="noopener noreferrer nofollow">Senator Cynthia Lummis Advocates for Bitcoin Reserves to Strengthen the US Dollar</a></li>
 <li><a href="https://cryptonewsland.com/senator-lummis-advocates-for-bitcoin-mining-in-the-u-s/" rel="noopener noreferrer nofollow">Senator Lummis Advocates for Bitcoin Mining in the U.S.</a></li>
 <li><a href="https://cryptonewsland.com/cynthia-lummis-is-still-bulish-on-bitcoin/" rel="noopener noreferrer nofollow">Cynthia Lummis is Still Bulish on Bitcoin</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/senator-lummis-proposes-68-billion-bitcoin-reserve-to-bolster-u-s-treasury/" rel="noopener noreferrer nofollow">Senator Lummis Proposes $68 Billion Bitcoin Reserve to Bolster U.S. Treasury</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Senator Lummis Proposes $68 Billion Bitcoin Reserve to Bolster U.S. Treasury

Crypto News Land

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