{"id":3929,"date":"2024-07-29T04:14:10","date_gmt":"2024-07-29T04:14:10","guid":{"rendered":"https:\/\/cryptd.in\/senator-lummis-proposes-67b-strategic-bitcoin-reserve-to-back-usd\/"},"modified":"2024-07-29T04:14:10","modified_gmt":"2024-07-29T04:14:10","slug":"senator-lummis-proposes-67b-strategic-bitcoin-reserve-to-back-usd","status":"publish","type":"post","link":"https:\/\/cryptd.in\/pt\/senator-lummis-proposes-67b-strategic-bitcoin-reserve-to-back-usd\/","title":{"rendered":"Senator Lummis Proposes $67B Strategic Bitcoin Reserve to Back USD"},"content":{"rendered":"

The proposal came during a speech by the Republican representative for Wyoming at the Bitcoin 2024 Conference in Nashville on July 27.<\/p>\n

\u201cWe can create a brighter future for generations of Americans by diversifying into Bitcoin and being the first developed nation to create a strategic reserve,\u201d she said.<\/p>\n

US Bitcoin Reserve<\/h2>\n

The pro-crypto politician said<\/a> that such a reserve would fortify the dollar\u2019s position as the global reserve currency.<\/p>\n

\u201cEstablishing a strategic Bitcoin reserve would firmly secure the dollar\u2019s position as the world\u2019s reserve currency into the 21st century and ensure we remain the world leader in financial innovation,\u201d<\/p>\n

We can create a brighter future for generations of Americans by diversifying into #Bitcoin<\/a> and being the first developed nation to create a strategic reserve. Read more pic.twitter.com\/1cWAssvZIW<\/a><\/p>\n

\u2014 Senator Cynthia Lummis (@SenLummis) July 27, 2024<\/a><\/p>\n\n

Lummis added that families across the US are struggling to keep up with soaring inflation rates and record-breaking costs while national debt reaches unprecedented levels.<\/p>\n

\u201cNow more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future.\u201d<\/p>\n

The legislation would establish a decentralized network of secure Bitcoin vaults operated by the Department of Treasury and implement a 1-million-unit BTC purchase program over a set period of time \u201cto acquire a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States.\u201d<\/p>\n

This works out to approximately 986,605 BTC worth around $67 billion at current prices.<\/p>\n

Senator Lummis is not the first politician to suggest a Bitcoin reserve. At the same conference, Donald Trump said that, if elected, his government would keep 100% of all the BTC it holds, which would become part of its reserve strategy.<\/p>\n

\u201cThis will serve in effect as the core of a strategic national Bitcoin stockpile,\u201d<\/p>\n

Trump also said<\/a> that under him, \u201cThe United States will be the crypto capital of the planet and the Bitcoin superpower of the world.\u201d<\/p>\n

The US government currently holds 213,238 BTC worth around $14.5 billion, according<\/a> to Arkham Intelligence. However, on-chain movements and the potential to liquidate it often cause market volatility.<\/p>\n

Trump also said that if he gets elected, the \u201cJoe Biden and Kamala Harris anti-crypto crusade will be over,\u201d before adding, \u201cThe weaponization against your industry ends.\u201d<\/p>\n

BREAKING: Donald Trump announces that he will create a US government #Bitcoin<\/a> strategic reserve if elected president.<\/p>\n

This would be a stockpile of Bitcoin similar to the Strategic Petroleum Reserve.<\/p>\n

If this happens, it could be the biggest development in crypto history. pic.twitter.com\/kGnEdZ94Lx<\/a><\/p>\n

\u2014 The Kobeissi Letter (@KobeissiLetter) July 27, 2024<\/a><\/p>\n\n

Big Bitcoin Purchases Planned<\/h2>\n

Independent presidential candidate Robert F. Kennedy Jr. also pledged to sign an executive order directing the US treasury to purchase 550 bitcoins daily until the reserve holds 4 million BTC.<\/p>\n

He aims to have the US BTC reserve in the same proportion<\/a> as its gold holdings, which is currently around 19% of global reserves.<\/p>\n

\u201cThe cascading impact from these actions will eventually move Bitcoin to a valuation of hundreds of trillions of dollars,\u201d he added.<\/p>\n

The Republicans are pushing for the crypto vote leading up to the election in November and the Democrats have been absent so far with presidential candidate Kamala Harris not attending<\/a> the conference.<\/p>\n

A publica\u00e7\u00e3o Senator Lummis Proposes $67B Strategic Bitcoin Reserve to Back USD<\/a> apareceu primeiro em CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The proposal came during a speech by the Republican representative for Wyoming at the Bitcoin 2024 Conference in Nashville on July 27. \u201cWe can create a brighter future for generations of Americans by diversifying into Bitcoin and being the first developed nation to create a strategic reserve,\u201d she said. US Bitcoin Reserve The pro-crypto politician […]<\/p>\n","protected":false},"author":0,"featured_media":3930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25],"class_list":["post-3929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds","tag-bitcoin"],"yoast_head":"\nSenator Lummis Proposes $67B Strategic Bitcoin Reserve to Back USD - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/pt\/senator-lummis-proposes-67b-strategic-bitcoin-reserve-to-back-usd\/\" \/>\n<meta property=\"og:locale\" content=\"pt_PT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senator Lummis Proposes $67B Strategic Bitcoin Reserve to Back USD - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"The proposal came during a speech by the Republican representative for Wyoming at the Bitcoin 2024 Conference in Nashville on July 27. \u201cWe can create a brighter future for generations of Americans by diversifying into Bitcoin and being the first developed nation to create a strategic reserve,\u201d she said. 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