Reserve Dollar

United

Bitcoin

President Trump

Reserve

United States Senator Cynthia Lummis has introduced a “strategic Bitcoin reserve” bill proposing that the US government buy 5% of the world’s Bitcoin supply and hold it for at least 20 years.
“It can be used for one purpose, to reduce our debt,” Lummis <a href="https://rumble.com/v586l5o-bitcoin-2024-conference-nashville-general-day-2-0727.html" target="_blank" rel="noopener nofollow">declared</a> during her keynote speech at the <a href="https://cointelegraph.com/news/political-undertones-trump-bitcoin-2024-nashville">Bitcoin 2024 conference on July 27</a> in Nashville, Tennessee.
Lummis explained that, if passed, the plan will be implemented over five years, with the US government acquiring one million Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) or roughly 5% of the total supply of 21 million Bitcoin.
With Bitcoin priced at $68,105 at the time of publication, purchasing one million Bitcoin would cost roughly $68.1 billion, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/473eedee-fd4a-4ec4-93c9-92370040b346.png" alt="Sen. Lummis proposes US government purchase 5% of total Bitcoin supply" title="">
 <figcaption style="text-align: center;">
 Lummis speaking on the Bitcoin 2024 mainstage in Nashville on July 27. Source: Rumble/Bitcoin Magazine
 </figcaption>
</figure>
“This Bitcoin Reserve that we are going to create will start with the 210,000 Bitcoin that President Trump just mentioned and pull it into a reserve, stored in geographically diverse vaults, and that’s only the beginning,” Lummis stated.
“We have the money now, but we will no longer be holding it in US dollars and assets that are designed to debase at least 2% per year, we’ll be holding it in an asset that will grow in value,” she added.
<h3 data-ct-non-breakable="true" id="lummis-is-a-popular-figure-in-the-crypto-industry">Lummis is a popular figure in the crypto industry</h3>
Lummis, who is well-regarded in the crypto industry for her pro-crypto stance, received a positive reaction from the Bitcoin 2024 attendees as she yelled, “This is the solution, this is the answer, this is our Louisiana purchase moment. Thank you, Bitcoin!"
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-strategic-reserve-united-states-bullish-price">‘10:1’ odds against US Bitcoin strategic reserve by 2028: BlockTower Capital</a>
Her speech came immediately after the highly anticipated keynote from former US President and current Republican Party candidate Donald Trump. Trump announced his intent to make the <a href="https://cointelegraph.com/news/trump-implement-bitcoin-strategic-reserve-elected-president">US the "crypto capital of the world</a>"&nbsp;if elected in November. 
It comes only days after&nbsp;Lummis released a report arguing against President Joe&nbsp;Biden’s administration’s <a href="https://cointelegraph.com/news/biden-mining-tax-2025-budget-proposal">proposed 30% excise tax on the energy</a> consumed by Bitcoin miners.
On July 23, Lummis released a report titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America,” highlighting the benefits of the <a href="https://cointelegraph.com/news/senator-cynthia-lummis-report-attacking-biden-mining-tax">critical mining infrastructure</a> to the US energy grid.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/crypto-sec-turbo-toad-phishing-attack-and-evolve-data-breach/">Crypto-Sec: Evolve Bank suffers data breach, Turbo Toad enthusiast loses $3.6K</a>

Sen. Lummis proposes US government purchase 5% of total Bitcoin supply

Table of Contents

Cointelegraph

Other articles published on Jul 27, 2024

Bitgert Coin Forecast: Crypto Experts Predict +500% Price Surge Ahead

Top DeFi Cryptos Under $1 Expected to Skyrocket 100x in 2024

Solana Sees Major Growth in 2024

Kennedy’s Plan for a $615 Billion Bitcoin Investment

43.7% of crypto participants expect Bitcoin to exceed $100,000 this cycle, CoinGecko reports

Michigan Pension Fund Invests in ARK 21Shares Bitcoin ETF

Join our free newsletter for daily crypto updates!