Senator Cynthia Lummis delivered a statement about the backing of her bill proposing the creation of a strategic reserve of one million Bitcoins for the U.S. government.
Support for Bitcoin Bill
In her speech at the U.S. Senate on May 2, Senator Lummis stated that President Donald Trump supports her "Bitcoin Act". This bill aims for the government to accumulate one million Bitcoins. According to Lummis, this legislation is the only solution to the country's $36 trillion debt.
Additional Benefits of Bitcoin
Lummis also expressed confidence that a Bitcoin reserve would benefit ordinary Americans. She noted that Bitcoin puts "every American and worker worldwide in control of their own money." Her speech emphasized that the use of Bitcoin makes the financial system more secure and effective.
Current Bitcoin Status in the U.S.
Currently, the U.S. government holds about 198,000 Bitcoins, valued at approximately $19 billion. To reach the target of one million Bitcoins, the government would need to invest around $76 billion. However, it's unclear how this will impact Bitcoin prices, as markets may view this initiative as a bullish signal.
Lummis's Bitcoin reserve bill is a key initiative that could impact the financial stability of the U.S. and the global financial system.
