U.S. Senator Cynthia Lummis proposes: Let the United States buy 1 million Bitcoins

This site (120BtC.coM): US Republican Senator Cynthia Lummis of Wyoming, who has long supported the development of cryptocurrency, did not disappoint her supporters. She announced what she was going to do at the US Bitcoin Conference Bitcoin 2024 this morning (28) The latest legal proposal promoted: Let the U.S. Treasury Department buy 1 million Bitcoins within 5 years!

1 million Bitcoins, if converted using the current market price at the time of writing, is approximately US$68 billion. Cynthia Lummis stated that the main reason for listing BTC as a national reserve is to “offset the impact of the depreciation of the U.S. dollar.”

Cynthia Lummis said: Bitcoin is a rapidly growing reserve of value. In the past four years, it has grown by about 55% every year. At the same time, the dollar has depreciated and inflation has become more and more serious. So in my opinion, having a hard asset that supports the U.S. dollar and continues to appreciate is very valuable.

We want the United States not to sell BTC

Including Bitcoin in the national strategic reserve coincides with Trump’s policy of taking office announced at the Bitcoin Conference this morning. At the same time, Cynthia Lummis also mentioned the same approach as Trump : The United States will never sell Bitcoins again, especially Bitcoins confiscated in judicial actions. Currently, the US Treasury Department has approximately 210,000 BTCs, mainly from proceeds of crime confiscated from criminals.

“We have learned from data and past experience with Bitcoin that BTC can definitely change the chaos caused by US debt and financial deficits. The US has strategic reserves of oil and gold, and the (Bitcoin) used to reduce the national debt has solved the problem Many questions. "

Trump and Lummis, both Republicans, are now making open remarks at the Bitcoin Conference. Based on Cynthia Lummis's past history of supporting Bitcoin and cryptocurrency, some communities believe that she is promoting encryption. In terms of the work of a friendly government, he is more convincing than Trump.

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