Republican

Bitcoin

Reserve

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/senator-lummis-advocates-for-a-national-bitcoin-reserve-in-the-u-s/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senator Lummis Advocates for a National Bitcoin Reserve in the U.S.</a> 
Following the recent U.S. presidential election, Senator Cynthia Lummis has reiterated her commitment to establishing a strategic Bitcoin reserve nationwide. This initiative seeks to position Bitcoin as a safeguard against economic fluctuations and bolster the U.S. economy.
<h2 style="text-align: justify" id="strong-bitcoin-legislation-and-acquisition-goals-strong">Bitcoin Legislation and Acquisition Goals</h2>
In July, Lummis introduced a legislative proposal known as the “BITCOIN Act of 2024.” This legislation aims for the U.S. Treasury to purchase one million Bitcoins within five years, equating to 5% of Bitcoin’s total supply. This bold move highlights her vision for integrating <a href="https://en.coin-turk.com/experts-predict-bitcoin-price-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> into mainstream financial strategies.
However, the proposal faces political hurdles in a Republican-dominated Congress, where there is a cautious stance towards <a href="https://en.coin-turk.com/scb-launches-innovative-cross-border-payment-system-using-stablecoins/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a>. Many Republican senators and representatives argue that Bitcoin’s volatile nature renders it an unsuitable investment for the U.S. government.
<h2 style="text-align: justify" id="strong-feasibility-of-implementation-strong">Feasibility of Implementation</h2>
Lummis argues that a Bitcoin reserve could serve as a countermeasure against the devaluation of the dollar. She believes this reserve could help reduce the U.S. national debt, which exceeds $35 trillion. According to her predictions, half of this debt could be paid off by 2045 if the Bitcoin reserve materializes.
To realize this initiative, the necessary laws must be enacted. However, limited public interest in Bitcoin and a lack of general recognition of the technology could complicate widespread adoption. Additionally, concerns exist that acquiring one million Bitcoins may not sufficiently alleviate the national debt.
In conclusion, for the reserve to be effective, both the acquisition amount must be increased and public support must be secured. Otherwise, the strategic impact of the reserve may remain limited.
The post <a href="https://en.coin-turk.com/senator-lummis-advocates-for-a-national-bitcoin-reserve-in-the-u-s/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senator Lummis Advocates for a National Bitcoin Reserve in the U.S.</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Senator Lummis Advocates for a National Bitcoin Reserve in the U.S.

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