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Title: US May Sell Gold to Buy Bitcoin for Strategic Reserve – Standard Chartered
As the global economic landscape continues to shift, the United States may be considering a drastic measure to tackle its mounting national debt: selling gold and using the funds to purchase Bitcoin. This bold proposal was recently put forth by Senator Cynthia Lummis (R-WY), who has been an outspoken advocate for greater cryptocurrency adoption.
Lummis’ plan would involve the US government purchasing 200,000 BTC annually over a five-year period, with the aim of reducing its national debt by half within the next two decades. While this proposal may seem unconventional at first glance, it highlights the growing recognition of Bitcoin’s potential as a store of value and hedge against inflation.
The idea of using cryptocurrency to address national debt is not entirely new. In recent years, several governments have started to dabble in cryptocurrencies, including El Salvador, which became the first country to adopt Bitcoin as legal tender. However, such massive-scale investments would mark a significant shift in US economic policy.
It’s also important to consider that Lummis’ proposal may face stiff resistance from traditional financial circles. The gold reserves held by central banks are a critical component of their respective economies, and any large-scale divestment could have far-reaching consequences for the global economy.
Still, it’s undeniable that Bitcoin has garnered significant traction over the past few years, with its price surging to new heights. As institutional investors begin to take notice, we may see an influx of fresh capital pouring into the market.
It will be intriguing to follow how this proposal unfolds in the coming months and whether we’ll see any concrete action from the US government.
