US Senator Proposes Selling Fed Gold to Fund Trumps Bitcoin Strategy Reserve
US Senator Proposes Selling Fed Gold to Fund Trumps Bitcoin Strategy ReserveOn November 15th, a Senate ally of US President-elect Donald Trump proposed a plan to fund the presidents proposed Bitcoin strategic reserve without increasing the government deficit. Republican Senator Cynthia Lummis of Wyoming plans to introduce the bill in the next Congress, which would require the US to purchase 1 million Bitcoins, representing nearly 5% of the circulating coins
US Senator Proposes Selling Fed Gold to Fund Trumps Bitcoin Strategy Reserve
On November 15th, a Senate ally of US President-elect Donald Trump proposed a plan to fund the presidents proposed Bitcoin strategic reserve without increasing the government deficit. Republican Senator Cynthia Lummis of Wyoming plans to introduce the bill in the next Congress, which would require the US to purchase 1 million Bitcoins, representing nearly 5% of the circulating coins.
The funding for this plan has drawn significant attention. Senator Lummis proposed that the purchase of Bitcoin could be funded by selling a portion of the Federal Reserves gold. This proposal implies that the US government would liquidate a part of its gold reserves to acquire funds for purchasing cryptocurrency.
It is reported that the current market price of Bitcoin is around $9,000, which means that purchasing 1 million Bitcoins would cost about $90 billion. However, due to the volatile nature of Bitcoin prices, the actual acquisition amount could increase if the bill is passed.
Senator Lummis is known as one of the Bitcoin proponents in the US Congress, and she has been advocating for the adoption of cryptocurrency in the financial system. She believes that Bitcoin, as a decentralized digital currency, has immense potential to inject new energy into the US economy.
However, this proposal has also sparked controversy. Some experts question the feasibility of the bill, arguing that selling Fed gold would have a negative impact on the US economy. Additionally, some individuals express concern that government intervention in the cryptocurrency market could have detrimental effects.
Currently, the bill has not yet received official recognition from the US government, and its ultimate fate remains to be seen. However, this proposal reflects the growing attention to cryptocurrency in US politics and the exploration of the future of the financial system.
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