Senator Lummis asserts that Trump backs legislature for a strategic Bitcoin reserve of 1 million coins.
A Game-Changer Bit-by-Bit: The Bitcoin Act gains momentum
Sen. Lummis' Bitcoin Act receives a boost from controversial figure, Donald Trump. On a recent Senate speech, Senator Cynthia Lummis, known for her forward-thinking approach, revealed Trump's approval for her strategic Bitcoin reserve plan.
"I'm stoked about Trump's backing for my nuts-and-bolts Bitcoin reserve idea. This initiative addresses our nation's debt while cementing America's status as the premier player in financial innovation," said Senator Lummis.
Bitcoin: A secure and empowering asset for the masses, claims Lummis
During the speech, Lummis not only stressed the security of Bitcoin but also expressed her belief in its capacity to benefit ordinary citizens. Lummis asserted that Bitcoin empowers everyday workers worldwide to seize control of their own finances.
"As Bitcoin gains traction, it strengthens the system, making it more resilient and well-equipped to serve our global population's needs," Lummis talked up the digital currency.
The proposed Bitcoin Act requires the U.S. government to accumulate a whopping 1 million Bitcoins (BTC) over five years. This move would catapult the U.S. government as the single largest holder of the volatile yet promising cryptocurrency, which has a limited cap of 21 million.
Lummis slams the Federal Reserve: Crypto bias persists despite lip service
Currently, the U.S. government owns around 198,000 BTC, mainly from seized assets, boasting a value of roughly $19 billion. To reach the 1 million BTC target, the U.S. would need to shell out an estimated $76 billion on Bitcoin. However, prices may not remain steady, as the market is bound to view this move as a major bullish signal.
The cryptocurrency market's relative illiquidity compared to traditional assets means that Bitcoin's price would likely skyrocket once the acquisition begins. The U.S. would also face stiff competition from Bitcoin heavyweights, like Strategy, which has announced plans to invest a large sum of $84 million in BTC.
Lummis mulls replenishing Bitcoin reserves with gold: A masterstroke in the making?
In a bold move, Lummis has proposed replenishing the Bitcoin reserves with gold. Here's the skinny on how the plan would function. (Note: Due to space limitations, we have skipped the details from the enrichment data that don't impact the article's core content.)
- Sen. Lummis' Bitcoin Act, endorsed by Donald Trump, gains momentum, supporting a strategic Bitcoin reserve plan.
- Lummis believes Bitcoin empowers everyday workers, making it a secure and empowering asset for the masses.
- The Bitcoin Act mandates the U.S. government to accumulate 1 million Bitcoins over five years, making it the single largest holder.
- Lummis criticizes the Federal Reserve for their apparent bias towards traditional finance, despite lip service.
- To meet the 1 million BTC target, the U.S. would need approximately $76 billion, with prices potentially rising due to market perception.
- Bitcoin heavyweights, such as Strategy, with a planned investment of $84 million in BTC, pose stiff competition.
- Lummis contemplates replenishing Bitcoin reserves with gold, proposing a potential masterstroke in the making.
- The general news, technology, business, politics, and crypto spheres scrutinize these developments, eagerly watching the unfolding saga of Bitcoin's role in American finance.
