Senator Cynthia Lummis Proposes U.S. Strategic Bitcoin Reserve to Reduce National Debt

Senator Cynthia Lummis has introduced a bill proposing the establishment of a “strategic Bitcoin reserve” by the U.S. government, which would involve purchasing 5% of the world’s Bitcoin supply to be held for at least 20 years. “It can be used for one purpose, to reduce our debt,” Lummis stated during her keynote speech at the Bitcoin 2024 conference on July 27 in Nashville, Tennessee. The plan, if enacted, would unfold over five years, with the government acquiring approximately one million Bitcoin, representing 5% of the total supply of 21 million Bitcoin. At the time of publication, Bitcoin was valued