Republican

United

Bitcoin

Reserve

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/senator-lummis-pushes-for-bitcoin-reserve-plan" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senator Lummis Pushes for Bitcoin Reserve Plan</a><br></p>
<p style="text-align: justify">In the wake of the recent U.S. presidential election, Senator Cynthia Lummis has reaffirmed her ambition to create a national <a href="https://en.bitcoinhaber.net/mt-gox-moves-bitcoin-market-reacts" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> reserve. This proposed initiative aims to leverage Bitcoin as a protective asset against economic instability and to enhance the overall economy of the United States.</p>
<h2 style="text-align: justify" id="what-are-the-goals-of-the-bitcoin-proposal">What Are the Goals of the Bitcoin Proposal?</h2>
<p style="text-align: justify">In July, Lummis presented the “BITCOIN Act of 2024,” which outlines her plan for the U.S. Treasury to acquire one million Bitcoins over the next five years. This would represent about 5% of the total Bitcoin supply, underscoring her intent to incorporate cryptocurrency into conventional financial frameworks.</p>
<h2 style="text-align: justify" id="will-political-challenges-hinder-progress">Will Political Challenges Hinder Progress?</h2>
<p style="text-align: justify">Despite her ambitious plans, Lummis faces significant political challenges in a Congress dominated by Republican views, which often regard cryptocurrencies with skepticism. Critics within her party contend that Bitcoin’s inherent volatility makes it a precarious investment for government holdings.</p>
<p style="text-align: justify">Lummis posits that a Bitcoin reserve could mitigate the dollar’s depreciation and potentially lower the national debt, currently exceeding $35 trillion. She estimates that, if successfully implemented, half of this debt could be settled by 2045 through the reserve’s establishment. However, achieving this ambitious goal will require passing comprehensive legislation.</p>
<p style="text-align: justify">Key considerations for the proposal include:</p>
<ul>
 <li>Increasing the acquisition target for Bitcoins.</li>
 <li>Building public awareness and support for cryptocurrency initiatives.</li>
 <li>Addressing concerns about whether one million Bitcoins is sufficient to impact national debt effectively.</li>
</ul>
<p style="text-align: justify">The success of Lummis’ initiative hinges on broadening public engagement and legislative support. Without these elements, the potential advantages of a national Bitcoin reserve may remain unrealized.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/senator-lummis-pushes-for-bitcoin-reserve-plan" data-wpel-link="internal" rel="noopener noreferrer nofollow">Senator Lummis Pushes for Bitcoin Reserve Plan</a></h5>

Senator Lummis Pushes for Bitcoin Reserve Plan

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