Senator Lummis Advocates Strategic Bitcoin Reserve for U.S. Fiscal Policy
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Bitcoin as a National Reserve Asset
Lummis’ proposal outlines a five-year plan for the U.S. Treasury to accumulate 1 million BTC, equivalent to about 5% of Bitcoin’s total supply. The Senator views Bitcoin’s scarcity and decentralized nature as critical tools to hedge against inflation and currency devaluation.
She argues that converting a portion of U.S. Treasury gold into Bitcoin through gold certificates could diversify reserves without impacting the federal balance sheet. By 2045, Lummis predicts this reserve could help pay down a significant portion of the nation’s $35 trillion debt.
However, the plan faces political challenges. Despite Republican control of Congress and the Senate, skepticism over Bitcoin’s volatility may hinder bipartisan support.
David Sacks as "Crypto Czar"
Optimism for Bitcoin-related legislation has surged with the appointment of David Sacks as the administration’s “Crypto Czar.” Sacks, a former PayPal executive and advocate for digital assets, is expected to play a pivotal role in advancing pro-crypto policies.
Lummis praised Sacks’ leadership and expertise, affirming their shared goals of promoting fiscal responsibility and integrating Bitcoin into national policy.
A Bold Vision for America
While other nations, like El Salvador, have already incorporated Bitcoin into their economic strategies, Lummis sees the U.S. adopting a larger-scale approach. She believes her proposal could position the U.S. as a leader in the digital asset space while restoring fiscal responsibility.
The road ahead remains challenging, but Lummis remains steadfast: “We are going to build a strategic Bitcoin reserve.”