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<ul> 
 <li>Senator Lummis suggests a $73B Bitcoin reserve to tackle the $35T US debt, aiming to boost the dollar’s strength worldwide.</li> 
 <li>The US aims to buy one million Bitcoins, boosting long-term value and economic stability amid inflation and rising costs.</li> 
 <li>Lummis’s bill challenges Biden’s Bitcoin mining tax, showcasing how mining actually supports and strengthens the US energy grid.</li> 
</ul> 
<p>The debt balance of the United States of America is at a historical high of $35 Trillion. <a href="https://cryptonewsland.com/senator-cynthia-lummis-advocates-for-bitcoin/" target="_blank" rel="noreferrer noopener">Cynthia Lummis</a> has devised a tactful way of solving this problem among the Wyoming senators. Lummis suggested having a plan for a BTC reserve at the Bitcoin 2024 conference in Washington, D.C., as a means of fortifying the green fold and the overall stability of the country’s economy.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">JUST IN: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> The US National Debt just broke $35 trillion for the first time in history <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/7QWlsK420F">pic.twitter.com/7QWlsK420F</a></p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1817879026498769236?ref_src=twsrc%5Etfw">July 29, 2024</a>
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<h3 class="wp-block-heading" id="h-proposal-for-bitcoin-acquisition"><strong>Proposal for Bitcoin Acquisition</strong></h3> 
<p>The idea called for the US government to purchase one million Bitcoins or 5% of all Bitcoins in circulation. At the current price of<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener"> $66,663 </a>for Bitcoin, this acquisition will cost you about $73 billion.</p> 
<p>Its goal is to establish a strategic reserve under the US Department of Treasury’s management. The reserve would be kept in safe, geographically dispersed vaults, offering a steady stream of income that increases in value with time.</p> 
<p>Lummis also underlined the significance of using all of the resources at one’s disposal to fight growing inflation and the rising expense of life. She maintained that owning Bitcoin delivers substantial long-term value growth in contrast to traditional assets that lose value every year. This audacious decision to invest in Bitcoin instead of US dollars is meant to bolster the dollar’s standing internationally.</p> 
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   <p lang="pl" dir="ltr">Eureka! <a href="https://t.co/v1Mxn4gszX">pic.twitter.com/v1Mxn4gszX</a></p>— Cynthia Lummis 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9ac.png" alt="🦬" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CynthiaMLummis) <a href="https://twitter.com/CynthiaMLummis/status/1817975985326931987?ref_src=twsrc%5Etfw">July 29, 2024</a>
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<h3 class="wp-block-heading" id="h-reception-and-implementation-plan"><strong>Reception and Implementation Plan</strong></h3> 
<p>The attendees of the <a href="https://www.reuters.com/business/finance/trump-cites-china-competition-vowing-create-bitcoin-stockpile-2024-07-27/" target="_blank" rel="noreferrer noopener">Bitcoin 2024 conference</a> embraced Lummis’s suggestion. Calling the project a “Louisiana Purchase moment,” she emphasized its historical significance. If accepted, the government would progressively buy up the Bitcoins over the course of five years.</p> 
<p>Along with fortifying the US dollar, Lummis’s bill seeks to preserve the dollar’s standing as a <a href="https://cryptonewsland.com/kennedys-strategic-4-million-bitcoin-btc/" target="_blank" rel="noreferrer noopener">global reserve currency</a>. Sh... </p>
<p>The post <a href="https://cryptonewsland.com/senator-lummis-proposes-bitcoin-reserve-plan-to-address-national-debt/">Senator Lummis Proposes Bitcoin Reserve Plan to Address National Debt</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Senator Lummis Proposes Bitcoin Reserve Plan to Address National Debt

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