Senator Cynthia Lummis (R-Wyo.) has introduced a proposal that would grant the Federal Reserve the authority to own Bitcoin (CRYPTO: BTC).
What Happened: According to Lummis, this strategic initiative aims to create a “Strategic Bitcoin Reserve,” where the U.S. government would purchase 200,000 Bitcoins annually for five years, holding them for at least two decades.
This reserve would serve dual purposes: to back the U.S. dollar, the world’s reserve currency, and to offset the national debt, currently over $36 trillion.
Senator Lummis argued for the necessity of this reserve during a recent interview, stating, “I want our federal government to have a strategic Bitcoin reserve that can help back the U.S. dollars, the world reserve currency, and then serve as a long-term savings account, thereby offsetting …
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