Sen. Cynthia Lummis announces bill for US Treasury to buy 1 million bitcoin worth $69 billion: Bitcoin 2024
Powered by @unfolded- Senator Cynthia Lummis plans to introduce a bill directing the U.S. Treasury to purchase 1 million bitcoins, worth about $69 billion, over five years to counter the effects of dollar debasement.
- Lummis believes that bitcoin is a great store of value and that holding it as a strategic reserve would back the U.S. dollar and help reduce the national debt.
- The legislation would have the U.S. Treasury self-custody the bitcoins across various locations and hold them for at least 20 years, unless they are sold to reduce the debt.
- Lummis also suggests that the U.S. Treasury should take custody of the estimated 210,000 BTC held by the Department of Justice and other agencies accumulated through criminal seizures.