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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

TLDR Strategy Enhances Financing Framework for Future Activities

TLDR Strategy has updated its securities paperwork to maintain its at-the-market financing capacity, crucial for future funding activities.

user avatarAisha Farooq

WisdomTree Advances Regulatory Framework for Tokenized Funds

WisdomTree has updated its registration materials for tokenized investment products, focusing on the legal framework necessary for their distribution.

user avatarTenzin Dorje

CleanSpark Surpasses 10,500 BTC in Bitcoin Reserves

CleanSpark has achieved a significant milestone by increasing its Bitcoin reserves to over 10,500 BTC, reflecting a strategic shift in its operational model.

user avatarBayarjavkhlan Ganbaatar

Hester Peirce Calls for Cryptography to Enhance Financial Crime Prevention

Hester Peirce advocates for the use of cryptography to improve financial crime prevention, criticizing current data collection practices.

user avatarMohamed Farouk

BlackRock's Tokenized BUIDL Fund Surpasses $550 Million in AUM

BlackRock's tokenized BUIDL fund has reached approximately $552.4 million in assets under management, highlighting its significance in the institutional real-world asset market.

user avatarElias Mukuru

Trump Administration Seeks to Expand Dollar-Backed Stablecoins Globally

The Trump administration is considering an initiative to promote dollar-backed stablecoins internationally to reinforce the dollar's status as the world's reserve currency.

user avatarDiego Alvarez

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.