Official campaign statements and endorsements

Senator Lummis Introduces S.4912 Bitcoin Act to Buy 1M Bitcoin Over 5 Years and Cut US Debt by $16 Trillion

Nov 17, 2024, 05:34 PM

Senator Cynthia Lummis has introduced S.4912, the 'Bitcoin Act of 2024,' which proposes the purchase of 1 million Bitcoin over five years. The bill aims to cut the US national debt by $16 trillion and is now up for a vote in Congress. Lummis, a known advocate for Bitcoin, also urged the US Treasury to convert part of its gold holdings into Bitcoin to create a Bitcoin strategic reserve, maintaining a neutral effect on the government’s balance sheet. The 'Strategic Bitcoin Reserve' model policy has been open-sourced by the Satoshi Act Fund and has received endorsements from multiple lawmakers and a presidential candidate. The reserve is envisioned as a digital Fort Knox to support and backstop the US dollar.