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

SEC Announces Rule Change for KalshiEX Security Futures Listings

The SEC has issued a notice regarding a rule change for listing standards of perpetual security futures on KalshiEX.

user avatarRajesh Kumar

Bitget Launches Open Custody Network to Enhance Trading Security

On November 5, Bitget announced the launch of its Open Custody Network (OCN), designed to connect external banks and institutional custodians with its trading infrastructure to enhance security and operational independence in cryptocurrency trading.

user avatarMiguel Rodriguez

Circle Plans Acquisition of Tazapay to Enhance Payment Solutions

Circle plans to acquire Tazapay to enhance cross-border payment solutions, with completion expected in 2027.

user avatarDavid Robinson

Circle's Financial Performance Shows Growth Amidst Changing Market Dynamics

Circle's financial performance shows growth with a net income of 226 million and adjusted EBITDA rising by 85% to 317 million.

user avatarArif Mukhtar

BVNK Launches Open USD for Eligible Business Customers

BVNK has launched Open USD (OUSD) for eligible business customers, allowing them to mint, redeem, hold, and transfer OUSD across multiple blockchain networks.

user avatarLuis Flores

Circle Reports Significant Growth in USDC Onchain Transaction Volume

Circle reports a 49% year-over-year increase in USDC onchain transaction volume for Q3 2026, reaching 139 trillion.

user avatarMaria Gutierrez

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.