Senator Lummis Suggests Selling Fed's Gold to Buy Bitcoin

user avatar

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.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Solana Ecosystem Tokens Outperform Broader Altcoin Market

chest

Recent performance benchmarks indicate that Solana ecosystem tokens are outpacing the broader altcoin market, highlighting the active internal rotation within the network.

user avatarSon Min-ho

Arbitrum Achieves $814 Million in Daily DEX Volume

chest

Arbitrum has recorded an impressive $814 million in daily decentralized exchange volume, showcasing strong activity on the Ethereum Layer2 network.

user avatarAyman Ben Youssef

Securitize Enhances Tokenization Framework for Public Equities

chest

Securitize has enhanced its framework for tokenizing public equities, contributing to the integration of traditional assets into blockchain infrastructure.

user avatarTando Nkube

Significant Surge in Dogecoin Network Activity

chest

Significant surge in Dogecoin network activity with a 35% rise in active addresses and daily transactions exceeding 12 million.

user avatarKofi Adjeman

XRP Ledger Reaches 3 Billion Transactions Milestone

chest

The XRP Ledger has achieved a remarkable milestone by crossing 3 billion cumulative transactions.

user avatarNguyen Van Long

Cardano's Blockchain Verification Infrastructure Deployed by Major Retail Group

chest

A major retail group has successfully deployed blockchain verification infrastructure built around Cardano's ecosystem, enhancing the verification of authenticity, origin, and sustainability claims within supply chains.

user avatarSatoshi Nakamura

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.