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

Solayer Pay Launches Direct Stablecoin Deposits for Enhanced User Experience

Solayer Pay has launched a feature allowing direct stablecoin deposits from five major blockchain networks, simplifying the funding process for users.

user avatarAyman Ben Youssef

CMCC Global Introduces Tokenized Fund Strategies

CMCC Global is introducing two fund strategies as tokenized securities through Tether's Hadron infrastructure and Bitfinex Securities under El Salvador's regulations.

user avatarTando Nkube

Senator Blumenthal Investigates Tether's Payments to Consultancy

Senator Blumenthal investigates Tether's payments to consultancy Nxum over potential ethics concerns.

user avatarKofi Adjeman

Blockchain Association Pushes for Crypto Tax Legislation

The Blockchain Association advocates for bipartisan changes to cryptocurrency tax regulations, seeking a de minimis exemption for small transactions and clarity in tax reporting for digital asset users.

user avatarNguyen Van Long

Starknet Community Votes to Explore Independent Post-Quantum Layer 1 Network

The Starknet community is exploring the possibility of transforming into an independent post-quantum secure layer 1 network, with a recent poll showing strong support for research into this initiative.

user avatarSatoshi Nakamura

SoFi Introduces SOFIE Tokenized Deposit for Earning Interest

SoFi has launched a new tokenized deposit product named SOFIE, allowing consumers to earn interest on dollar balances while facilitating blockchain transfers.

user avatarJesper Sørensen

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.