As the US national debt rises, a crypto-friendly senator proposes legislation to store 1 million Bitcoins (BTC).
At the Bitcoin 2024 Conference in Wyoming, Republican Senator Cynthia Lummis announced that she would introduce a bill to create a BTC Reserve as a way of protecting the US Dollar amid an unprecedented national debt.
“Families across Wyoming, and in the US struggle to keep pace with rising inflation and costs. Our national debt is at unprecedented levels. Now more than ever we must create a better future for future generations by investing into Bitcoin.
Lummis claims that the US Government will be compelled to collect 1 million BTC, or 5% BTC supply total in 5 years.
Lummis said the plan was to convert the excess funds of the Federal Reserve Banks into Bitcoin over the course of a half-decade.
This is the answer. “This is the solution. This is the moment of our Louisiana Purchase !”
The current US national debt, according to the U.S. Treasury Department’s data, is a whopping $34,99 trillion.
Bitcoin has a value of $68,478 as I write this, which is a slight increase over the past 24 hours.
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As new information becomes available, this post Senator Cynthia Lummis Proposes the US Accumulates One Million Bitcoin Amid Record Level National Debt could be updated.
