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Cynthia Lummis Pushes For Strategic Bitcoin Reserve
In a bold move, Senator Cynthia Lummis is pushing for the creation of a Strategic Bitcoin Reserve. This initiative aims to make Bitcoin a part of the U.S. fiscal policy, with the potential to strengthen the U.S. dollar and improve national security.
The idea, which has garnered significant attention, involves converting a portion of the country’s gold reserves into Bitcoin. Lummis believes that this move would not only save the government billions but also give the dollar a much-needed boost.
She is not alone in her efforts, as she has partnered with venture capitalist David Sacks, known as the “Crypto Czar,” to push for the new law that would make Bitcoin an integral part of U.S. reserves.
This Executive Order, shared by Dennis Porter, CEO of Satoshi Action Fund, could pave the way for the creation of a Strategic Bitcoin Reserve. The proposed order also suggests utilizing approximately 200,000 Bitcoins seized in criminal cases and worth around $20 billion as part of this reserve. This move would involve using these assets to work towards national financial stability instead of selling them at auction.
To ensure transparency and accountability, it is suggested that the Treasury Department would oversee Bitcoin operations with robust security measures in place and regular audits conducted.
If successful, this initiative could have significant implications for the U.S. economy. It may help reduce the national debt, protect against inflation, and make the dollar more competitive on the global stage. Furthermore, it could grant the country a stronger negotiating position vis-à-vis economic powers like China and Russia.
However, several challenges lie ahead before this ambitious plan can become a reality. These hurdles include legal obstacles and market volatility.
As the debate surrounding this initiative continues to unfold, one thing is certain – its potential impact on the global cryptocurrency market and the U.S. economy as a whole.
Source: coinpedia.org
