Lummis Urges U.S. to Sell Gold for 1M BTC Strategic Reserve

Nov 21, 2024, 03:24 PM

U.S. Senator Cynthia Lummis has proposed that the U.S. government should sell its gold reserves to purchase Bitcoin as a strategic reserve asset. This proposal is part of her broader 7-point plan outlined in the Bitcoin Act of 2024, which includes buying 200,000 BTC annually for five years to establish a 1 million BTC Strategic Reserve. Lummis argues that with the U.S. debt at 120% of GDP, Bitcoin could help shore up the U.S. dollar as the world reserve currency and significantly reduce the national debt. She suggests that the government could fund this reserve by revaluing its gold certificates at fair market value and exchanging them for Bitcoin, thereby not requiring the printing of new money. President-elect Trump is reportedly in support of this initiative. The senator's proposal has garnered attention, with discussions about introducing similar legislation in Texas.