Bitcoin as a Strategic Asset
In a recent dialogue with FOX Business, Senator Cynthia Lummis shared her insightful views on leveraging Bitcoin to reduce the United States’ national debt. Lummis emphasized that Bitcoin represents a robust long-term store of value and advocated for its inclusion in national reserves alongside traditional assets such as gold and oil. She proposed that the U.S. government should aim to accumulate approximately 200,000 Bitcoin over the next two decades, with the ultimate goal of amassing 1 million Bitcoin. Lummis strongly believes that such a strategic accumulation could play a pivotal role in alleviating the country’s debt burden.
Lummis Suggests Selling Gold To Buy Bitcoin
During a period marked by fiscal austerity, Senator Lummis proposed a pragmatic approach to fund this Bitcoin acquisition without burdening taxpayers. She suggested that the U.S. government could divest some of its gold reserves, specifically the gold certificates held by the Federal Reserve Banks, to finance the purchase of Bitcoin. By doing so, the government could circumvent the need for additional taxpayer funds.
Lummis also highlighted that the U.S. government already possesses over 200,000 Bitcoin obtained through asset forfeiture funds, positioning the nation advantageously to establish this reserve without incurring new expenses. Notably, Lummis herself owns five Bitcoin, which are managed within a blind trust. Furthermore, she underscored the importance of safeguarding Bitcoin and ensuring that individuals maintain control over their holdings in personal wallets.
“We don’t want to see this asset become owned only by governments and certainly don’t want to see it controlled by governments because its great virtue is as a freedom money,” she passionately expressed.
A Pro-Bitcoin Cabinet
Lummis expressed her enthusiasm about President Trump’s recognition of Bitcoin’s potential and his commitment to establishing a strong foothold for it in the United States. However, she noted that current regulatory efforts have inadvertently driven the industry to seek refuge in other countries, including the European Union.
The senator also mentioned that President-elect Trump appears to be assembling a cabinet with a pro-Bitcoin stance, which has ignited significant debate among policymakers and market participants. As discussions continue, the feasibility and potential long-term impacts of Lummis’s proposal remain a focal point for stakeholders.
