U.S. Senator Cynthia Lummis has introduced a bill proposing that the U.S. government purchase 5% of the global Bitcoin supply and hold it for at least 20 years.
“It can be used for one purpose, which is to reduce debt,” Rammis said. Declared The remarks were made during a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee on July 27.
Lammis explained that if passed, the plan would aim for the U.S. government to acquire 1 million BTC over a five-year period, roughly 5% of Bitcoin’s total supply of 21 million.
At the time of writing, the price of Bitcoin is $68,105, and according to CoinMarketCap, it would take roughly $68.1 billion to buy 1 million Bitcoin. data.
“The Bitcoin reserve that we’re going to create will start with the 210,000 BTC that President Trump mentioned earlier, and we’ll collect that as a reserve and store it in geographically distributed vaults, but that’s just the beginning,” Lammis said.
“We have money now, but going forward, instead of holding it in US dollars or assets that are designed to depreciate at least 2% a year, we’re going to hold it in assets that will appreciate,” she added.
Lummis is a well-known figure in the crypto industry.
Lummis, a well-respected figure in the cryptocurrency industry, exclaimed, “This is the solution, this is the answer, this is my Louisiana Purchase moment, thank you Bitcoin!”, drawing a positive response from Bitcoin 2024 attendees.
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Her speech came shortly after a highly anticipated keynote address from former US president and current Republican candidate Donald Trump, who has stated his intention to make the US the cryptocurrency capital of the world if elected in November.
This comes just days after Lammis released a report opposing the Biden administration’s proposal to impose a 30% sales tax on energy consumed by bitcoin miners.
On July 23, Lammis released a report titled, “Hindering Progress: Why a Bitcoin Mining Tax Would Hurt America,” highlighting the benefits of mining infrastructure that are crucial to the U.S. energy grid.
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