Federal Reserve announcements or financial reports

Senator Lummis Proposes $100B U.S. Strategic Bitcoin Reserve for 1M Bitcoin Funded by Gold Certificates

Dec 7, 2024, 07:29 PM

Senator Cynthia Lummis has proposed the creation of a U.S. Strategic Bitcoin Reserve, a move that would mark Bitcoin's entry into national strategic reserves. The proposal suggests funding the reserve by marking the Federal Reserve's gold certificates to their market value, which has risen from $42.22 per ounce in 1973 to over $2,600 per ounce. The plan includes purchasing 200,000 Bitcoin annually, totaling 1,000,000 Bitcoin over five years, using physical gold reserves from Fort Knox. This initiative, estimated to cost $100 billion, has sparked discussions about Bitcoin's growing role in national and global financial strategies, with some companies reportedly setting up their own Bitcoin reserves.