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Number of Bitcoins acquired by U.S. under 'Bitcoin Act of 2024' by end of 2025?
3
Cynthia Lummis•Bitcoin Act of 2024•Congress•Federal Reserve•Bitcoin•Bitcoins•Lummis•Donald Trump•Michael Saylor
Resolution / Starting Odds
0 Bitcoins • 25%
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U.S. Treasury and Federal Reserve reports
Story
Senator Lummis Proposes Selling Fed Gold to Buy 1 Million Bitcoins, Offset $16 Trillion Debt
Nov 15, 2024, 02:57 PM
U.S. Senator Cynthia Lummis has introduced the 'Bitcoin Act of 2024' in Congress, proposing the sale of part of the Federal Reserve's gold reserves to create a U.S. strategic Bitcoin reserve. The bill outlines a plan to purchase up to 1 million Bitcoins over a five-year period, with an annual cap of 200,000 Bitcoins. The initiative aims to offset $16 trillion of U.S. government debt and reflects a broader vision of integrating Bitcoin as a strategic asset. Lummis, an ally of former President Donald Trump, argues that Bitcoin, as digital gold, is a more attractive and modern safe-haven asset compared to traditional gold. Michael Saylor supports the bill, highlighting its potential transparency and strategic significance, as it would account for approximately 5% of all Bitcoin in circulation.
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