Senator Lummis Proposes U.S. Acquire 1 Million Bitcoin at 200,000 BTC Annually to Cut National Debt by Half in 20 Years

Senator Cynthia Lummis has proposed a bold plan to address the U.S. national debt through Bitcoin accumulation. During recent statements, Lummis claimed that if the U.S. holds Bitcoin for 20 years, it could potentially reduce the national debt by half, based on current modeling. She is advocating for the reintroduction of the Bitcoin Act, which aims for the U.S. to acquire 1 million Bitcoin over the next five years, involving annual purchases of 200,000 Bitcoin. Bo Hines, the Executive Director of Digital Assets, echoed this sentiment, emphasizing the urgency to accumulate Bitcoin quickly before prices rise further. Hines suggested that the U.S. could utilize its gold reserves to fund these Bitcoin purchases, presenting a budget-neutral approach to increasing national Bitcoin reserves. This initiative reflects a growing interest among U.S. policymakers in leveraging cryptocurrency to enhance financial stability and potentially outpace global competitors, particularly China. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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Source: The Defiant