Wyoming Republican Senator Cynthia Lummis (R-Wyo.) on Thursday proposed converting Federal Reserve-held gold certificates into Bitcoin to establish a 20-year strategic Bitcoin (CRYPTO: BTC) reserve.
In an interview with CNBC, Lummis outlined how this initiative could bolster the US economy, reduce national debt and position Bitcoin as a key asset for the country.
Gold-To-Bitcoin Conversion: A Debt-Free Solution
Lummis stressed that the proposal wouldn’t require new taxpayer dollars.
Instead, the government could leverage its existing resources, particularly gold certificates held at the Federal Reserve’s 12 banks.
These certificates, currently valued at 1970s prices, could be updated to reflect their fair market value, sold and reinvested into Bitcoin.
“We wouldn’t have to spend any new dollars,” she explained, pointing out that the United States already holds over 200,000 Bitcoin in asset forfeiture funds, which could act …
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