Langgam Pos - At the Bitcoin 2024 conference in Nashville on July 27, U.S. Senator Cynthia Lummis introduced a groundbreaking bill aimed at enabling the U.S. government to acquire and hold 5% of the world's Bitcoin supply, potentially requiring new legislation.
According to Yahoo Finance, Lummis suggested that, if approved, the plan would span five years, during which the government would seek to acquire one million Bitcoins—approximately 5% of the total 21 million Bitcoin supply.
“This could serve a singular purpose: to reduce our national debt,” Lummis stated.
She elaborated that the proposal would be implemented over five years, with the government focusing on acquiring one million Bitcoins. Lummis emphasized the long-term benefits of such an investment, suggesting that holding Bitcoin, compared to traditional assets that depreciate by at least 2% annually, would offer substantial value growth.
“The Bitcoin reserve we would create would start with the 210,000 Bitcoins recently mentioned by President Trump, drawing them into the reserve, stored in vaults across various locations, and that’s just the beginning,” Lummis explained.
She highlighted a strategic shift from holding U.S. dollars to investing in Bitcoin, an asset she believes will increase in value over time.
Lummis is a well-respected figure in the crypto industry, known for her pro-crypto stance. Her proposal was warmly received by attendees at the Bitcoin 2024 conference.
The proposal comes in the wake of her recent report opposing the Biden administration’s proposed 30% tax on the energy used by Bitcoin miners.
Released on July 23, the report titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America” argues that Bitcoin mining infrastructure is beneficial to the U.S. energy grid.
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