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United States Senator Cynthia Lummis proposed a bill for a strategic Bitcoin reserve, suggesting the US government purchase 5% of the global Bitcoin supply and hold it for at least 20 years. Lummis stated at the Bitcoin 2024 Conference in Nashville, Tennessee on July 27, that this could be used solely to reduce debts.
Bitcoin Process in the US
Lummis explained that if accepted, the plan would be implemented within five years, aiming for the US government to acquire one million Bitcoin, approximately 5% of the total supply of 21 million Bitcoin. At the time of writing, with Bitcoin’s price at $67,400, purchasing one million Bitcoin would cost approximately $67.4 billion according to CoinMarketCap data. Lummis made the following statement regarding the matter:
“This Bitcoin Reserve we will create will start with the 210,000 Bitcoin President Trump just mentioned and will be stored in geographically diverse vaults, and this is just the beginning. We currently have money, but we will no longer keep it in US dollars and assets designed to lose at least 2% of their value annually. Instead, we will hold it in an asset that will appreciate in value.”
Details on the Matter
Well-known for her pro-crypto stance in the crypto industry, Lummis received positive reactions from Bitcoin 2024 participants who shouted, “Here’s the solution, here’s the answer, here’s our Louisiana moment, thank you Bitcoin!” Her speech followed the eagerly awaited opening speech by former US President and current Republican candidate Donald Trump. Trump announced his intention to make the US the world’s crypto capital if elected in November.
This came just a few days after Lummis published a report opposing the Biden administration’s proposed 30% consumption tax on energy consumed by Bitcoin miners.
On July 23, Lummis released a report titled “Halting Progress: Why the Bitcoin Mining Tax Harms America?” highlighting the benefits that critical mining infrastructure provides to the United States’ energy grid.
