Reserve Dollar

United

Donald Trump

Bitcoin

Reserve

<ul> 
 <li>Senator Lummis proposes the US to buy 1,000,000 Bitcoins to reduce national debt and back the US dollar.</li> 
 <li>The BITCOIN Act could transform the US financial strategy, positioning Bitcoin as a key financial asset.</li> 
</ul> 
As CNF <a href="https://www.crypto-news-flash.com/senator-us-to-buy-1000000-bitcoins-5-of-global-supply-to-combat-national-debt/">highlighted</a> a few days ago, the United States national <a href="https://www.crypto-news-flash.com/trillion-dollar-debt-sparks-fear-of-us-dollars-collapse-and-the-flight-to-bitcoin/">debt</a> reached an all-time high of $35 trillion, prompting concerns about the country’s economic stability. In the report, we specifically discussed that Senator Lummis proposes the US to buy 1,000,000 Bitcoins to reduce national debt. 
Senator Cynthia Lummis’ response was to propose the adoption of a strategic Bitcoin reserve to back the US dollar, aiming to protect its status as a world currency and strengthen the American economy by incorporating Bitcoin as a financial asset. In a tweet, Blockchain researcher, Collin Brown highlighted the unveiling of the historic Bitcoin Reserve legislation by U.S. Senator Cynthia Lummis, suggesting it could be a game-changer for cryptocurrencies like XRP, BTC, and the broader crypto market. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <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;">BREAKING: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> US Senator Cynthia Lummis unveils historic <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Reserve legislation! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4a5.png" alt="💥" class="wp-smiley" style="height: 1em; max-height: 1em;"> Could this be a game-changer for <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a>, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> and crypto? <a href="https://t.co/y2cs0OIeTh">pic.twitter.com/y2cs0OIeTh</a> 
 — Collin Brown (@CollinBrownXRP) <a href="https://twitter.com/CollinBrownXRP/status/1818870377600209379?ref_src=twsrc%5Etfw">August 1, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Brown also emphasized that this legislation has the potential to significantly impact the future of digital assets in the United States. 
Furthermore, according to insights shared in today’s CNF YouTube video, if passed, this legislation will help safeguard against massive sell-offs while increasing the country’s Bitcoin holdings, marking a pivotal shift in U.S. financial strategy. This bill follows Senator Lummis’ earlier proposal at the Bitcoin Conference, highlighting Bitcoin’s potential as a “savings technology” that could position the U.S. as a leader in financial innovation. 
<iframe title="BREAKING: Senator Lummis Advocates for Strategic Bitcoin Reserve Legislation in the U.S." width="788" height="443" src="https://www.youtube.com/embed/fkk2lxFgXB0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe> 
It is also worth noting that the bill has received backing from key political figures, including presidential candidates <a href="https://www.crypto-news-flash.com/breaking-donald-trump-consults-bitcoin-expert-on-crypto-solutions-for-35-trillion-us-debt/">Donald Trump</a> and Robert F. Kennedy Jr., who believe it could bring economic stability. Experts like Steven McClurg of CoinShares stress the importance of addressing the U.S. deficit and controlling spending before adopting a Bitcoin reserve strategy. 
This legislative proposal, officially introduced as the “Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide” (BITCOIN) Act, follows Lummis’ earlier discussions at the Bitcoin Conference. She expressed her vision by stating, 
<blockquote>
 Bitcoin is transforming not only our country but the world, and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier.
</blockquote> 
As of today, Bitcoin (BTC) is trading with a decrease of 2.81% in the past day and surged by 0.24% in the past week, reaching a price of $64,456.69. See BTC price chart below. 

<div class="cryptoboxes" id="mcw-19491" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="bitcoin" data-symbol="BTC" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="month" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>

BREAKING: US Senator Lummis Pushes for Official Strategic Bitcoin Reserve Bill

Crypto News Flash

Other articles published on Aug 1, 2024

Senator Cynthia Lummis Proposes Bitcoin Reserve Bill as National Debt Hits New High

Cigna Group’s Q2 Revenues Soar to $60.5 Billion, Beats Expectations

BingX Introduces New Investment Arm

Toncoin Whales Plummet the Coin’s Price to $6.57

Why Gold's Luster Could Ignite A 'Digital Gold' Bitcoin Rally: 10x Research

Buy Crypto with UPI in India on Telegram Thanks to OnMeta

Join our free newsletter for daily crypto updates!