U.S. Senator Cynthia Lummis from Wyoming presents a plan to purchase one million Bitcoin 
$77,420 using part of the Federal Reserve’s gold reserves. This proposal aims to bolster the national strategic reserve without adding extra burden to the national debt.
Details of the Plan
Lummis, an ally of President Donald Trump, promotes this concept as a means to increase federal Bitcoin reserves. Her proposal coincides with a period when Bitcoin surged to $93,500 following Trump’s election victory.
According to a Bloomberg report, Lummis intends to introduce legislation that facilitates the purchase of Bitcoin using proceeds from the sale of a portion of the Federal Reserve’s gold assets. The proposed BITCOIN Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide) would allow the acquisition of up to one million Bitcoin.
Senator Lummis’s Views
Cynthia Lummis estimates that this operation could cost approximately $90 billion at current prices, but this amount may increase if the market anticipates government action.
She believes that utilizing existing gold reserves would enable the government to stockpile Bitcoin without raising the national debt.
“It is possible to convert our financial assets in the form of gold certificates into Bitcoin.” – Lummis
This proposal aims to use Bitcoin as a government-backed strategic reserve.
