Bitcoin price data from major cryptocurrency exchanges

Wyoming Senator Lummis Proposes $70 Billion Plan to Buy 1 Million Bitcoin, Reduce $35 Trillion US Debt

Jul 29, 2024, 05:48 PM

Wyoming Senator Cynthia Lummis has introduced a bill proposing the establishment of a strategic Bitcoin reserve for the United States. The legislation aims to purchase 1 million Bitcoin over five years to help pay down the national debt, which currently stands at $35 trillion. Proponents of the bill, including Lummis, liken the move to the historic Louisiana Purchase, suggesting it could transform the US economy. Critics, however, raise concerns about the potential impact on the Federal Reserve's balance sheet and the broader implications of government involvement in cryptocurrency. The proposal has sparked significant debate among economists and policymakers, with some questioning the feasibility and financial prudence of borrowing $70 billion to buy Bitcoin. This initiative is being hailed by some as a 'Louisiana Purchase moment' and is gaining traction under the hashtag #Bitcoin2024.