Official announcements from the US government or credible news sources

Senator Lummis Proposes $16 Trillion Bitcoin Reserve, Trump Considers Executive Order

Nov 18, 2024, 04:46 PM

Senator Cynthia Lummis is advocating for the creation of a Strategic Bitcoin Reserve to address the US national debt by $16 Trillion and support the US dollar. Lummis's proposal includes converting part of the US Treasury's gold holdings into Bitcoin, which she believes will have a neutral effect on the government's balance sheet. There are also rumors that President Donald Trump is considering an Executive Order to establish this reserve. Advocates argue that a Strategic Bitcoin Reserve could provide significant economic benefits, including protecting the US dollar and aiding in deficit reduction. Some suggest that the reserve could act as a digital Fort Knox, supporting the US dollar. There are speculations that Trump might appoint Coinbase CEO Brian Armstrong to oversee the reserve. Additionally, there are calls for the US to purchase 1.2 million BTC to prevent geopolitical rivals such as China from gaining an upper hand. Senator Ted Cruz is also mentioned in discussions about the reserve.