Official announcements from the U.S. Treasury or Federal Reserve

Senator Lummis Proposes Selling Gold for 1M BTC Strategic Reserve

Nov 21, 2024, 03:21 PM

U.S. Senator Cynthia Lummis from Wyoming has proposed a significant shift in U.S. financial strategy by urging the government to sell its gold reserves and invest in Bitcoin. Her plan includes purchasing 200,000 BTC per year for five years to reach a total of 1 million BTC, aiming to create a Strategic Bitcoin Reserve. Lummis suggests that this move could help in reducing or eliminating the national debt over the next two decades by revaluing gold certificates at fair market value and exchanging them for Bitcoin.