Federal Reserve financial reports or official statements

Senator Lummis Proposes Bitcoin Bill to Buy 1 Million Bitcoin and Offset $16 Trillion U.S. Debt in Trump's First 100 Days

Nov 14, 2024, 06:11 PM

U.S. Senator Cynthia Lummis has expressed optimism regarding the passage of her proposed Bitcoin reserve bill, which could be enacted within the first 100 days of a potential second term for Donald Trump. Lummis highlighted bipartisan support for the legislation, which aims to establish a national Bitcoin reserve. She emphasized the urgency of the proposal, stating that the 'BITCOIN Act could be on POTUS’ desk ready to go within days.' The bill includes a plan for the Federal Reserve to sell a portion of its gold reserves to finance the acquisition of Bitcoin, positioning the digital currency as a modern alternative to traditional safe-haven assets. Lummis noted that this strategy would not increase the government deficit. Furthermore, the bill is projected to offset $16 trillion of U.S. government debt, according to Michael Saylor, a prominent figure in the cryptocurrency space.