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U.S. Eyes 1 Million Bitcoin Reserve by Selling 15% of Gold Holdings
In a groundbreaking move, the United States is considering establishing a Strategic Bitcoin Reserve by selling 15% of its gold holdings to acquire approximately 1 million Bitcoins over the next five years. This unprecedented step marks a significant shift in the country’s monetary policy, as it seeks to diversify its reserves and adapt to the growing prominence of digital assets in global economic markets.
According to sources, the administration is exploring budget-neutral strategies to purchase additional Bitcoin without placing any tax burden on citizens. The Treasury Secretary will be working closely with the Commerce Department to identify suitable methods for acquiring more digital assets without jeopardizing taxpayer investment protection.
The proposed plan involves revaluating the worth of official gold stockpiles at market rates rather than their legal value at $42.22 per ounce. This evaluation method could pave the way for the government to purchase Bitcoin and further expand its reserves.
Senator Cynthia Lummis has also put forth a bill, known as the BITCOIN Act, which requires the Treasury to acquire 1 million Bitcoins within five years. The legislation aims to modernize the national reserves framework by incorporating digital assets into the mix.
This move is seen as a bold step towards embracing cryptocurrencies and their potential for long-term growth. By doing so, the United States would be joining other nations in taking a proactive stance on digital assets.
The creation of the Strategic Bitcoin Reserve will likely have far-reaching implications for the global cryptocurrency market, as it may set a precedent for other countries to follow suit.
Source: https://cryptonewsland.com/u-s-eyes-1-million-bitcoin-reserve-by-selling-15-of-gold-holdings/
