Senator Lummis Suggests Selling Fed's Gold to Buy Bitcoin

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by Giorgi Kostiuk

2 years ago

U.S. Senator Cynthia Lummis has proposed selling some of the Federal Reserve's gold to establish a national Bitcoin reserve. This plan finds backing from the upcoming Donald Trump administration.

Lummis's Bitcoin Plan

Senator Cynthia Lummis, a Republican, plans to turn Donald Trump's strategic masterplan for Bitcoin into reality. She mentioned in an interview that some of the Federal Reserve's gold could be sold to purchase Bitcoin instead of using the federal budget. Lummis stated: 'We already have the financial assets in the form of gold certificates to convert to Bitcoin.' The plan is to hold the cryptocurrency for no less than two decades to help reduce the national debt.

Skepticism and Congressional Support

On the Polymarket platform, the prediction community remains skeptical about Trump's plan, with only a 30% chance of its fruition. However, a substantial number of pro-crypto legislators have entered Congress, making it easier for such bills to pass in the future.

Trump's Cryptocurrency Plans

President-elect Donald Trump has previously pledged to establish a strategic national Bitcoin reserve and aims to make the U.S. the cryptocurrency capital of the world. His plans include firing SEC Chairman Gary Gensler and appointing a person more favorable to digital assets.

The proposals put forward by Senator Lummis, supported by the Trump administration, have the potential to significantly impact the cryptocurrency market. However, the feasibility of overcoming skepticism and turning these plans into reality remains in question.

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