Senator Cynthia Lummis has proposed that the U.S. Treasury use part of the nation's gold reserves to purchase Bitcoin, aiming to build a strategic Bitcoin reserve over five years. Lummis suggests acquiring up to one million Bitcoin, leveraging the U.S.'s substantial gold stockpile, which currently stands at nearly 8,133 metric tonnes valued at approximately $1.3 trillion. She argues that reallocating a portion of these reserves could strengthen the country's financial position and serve as a hedge against economic risks.
The proposal includes selling some gold holdings or revaluing gold certificates to fund Bitcoin purchases without incurring new debt. Lummis emphasizes that Bitcoin should complement, not replace, gold as a reserve asset, offering protection against inflation and currency depreciation. The U.S. government already holds 328,372 Bitcoin, primarily from seizures, valued at over $22 billion. This existing stockpile has sparked debate on whether the government should increase its Bitcoin holdings, especially as institutional demand for the cryptocurrency remains strong despite recent market volatility.
Senator Lummis Proposes Using Gold Reserves for Bitcoin Purchases
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