Senator Lummis Introduces S4912 'Bitcoin Act of 2024' to Create US Bitcoin Reserve, Reduce Debt by $16T

Nov 15, 2024, 06:06 AM

Senator Cynthia Lummis has officially introduced the 'Bitcoin Act of 2024' (S4912 bill) into the US Congress for a vote. The bill proposes the sale of Federal Reserve gold to fund the creation of a US strategic Bitcoin reserve. The plan aims to purchase up to 1 million Bitcoins over a five-year period, with a maximum acquisition of 200,000 Bitcoins per year. Michael Saylor supports the bill, suggesting it could reduce the US government debt by $16 trillion. The proposal argues that Bitcoin is a harder asset compared to gold.