US Senator Unveils Bill Proposing BTC Stockpile, Funded by Gold Revaluation

IconCryptoNewsTerminal Staff30 Jul, 2024

cryptonews.jpg

US Senator Unveils Bill Proposing BTC Stockpile, Funded by Gold Revaluation

The world of cryptocurrency is abuzz with news of a groundbreaking bill proposed by Wyoming Senator Cynthia Lummis. This bill, if passed, would require the Federal Reserve to acquire Bitcoin as a strategic reserve asset and proposes funding these purchases through a "revaluation" of the Fed's gold holdings. Senator Lummis envisions a plan to purchase up to 200,000 BTC annually for five years, accumulating a total of 1 million BTC. To finance this acquisition, the bill mandates the Fed to submit all gold certificates to the Treasury Secretary within six months of enactment. The Treasury Secretary would then reassess the gold's "current value" and issue new certificates reflecting this revised value. The resulting cash difference between the old and new certificates would be channeled into Bitcoin purchases. This forward-thinking bill underscores Senator Lummis' unwavering support for cryptocurrency and her belief in its potential as a strategic asset.

Related News