Senator proposes US sell gold to buy Bitcoin reserves

1.webp

In a striking proposal, Senator Cynthia Lummis (Wyoming) has suggested that the US should sell off its gold reserves and shift to accumulating Bitcoin (BTC) as a strategic asset to strengthen the US dollar and reduce public debt.

Why Bitcoin?
In an interview with CNBC , Lummis emphasized that Bitcoin is emerging as a new solution to national financial challenges. She said:

Bitcoin could cement the USD's status as the global reserve currency.
A strategic Bitcoin reserve would help the US significantly reduce its national debt without requiring new spending.
She came up with the idea of ​​using existing assets, such as gold certificates from the 1970s, to convert to Bitcoin.

Additionally, the US currently holds over 200,000 BTC from asset seizures, which could be the initial foundation for a Bitcoin reserve at no additional cost.

1.PNG

Specific Plans and the Future
The initiative is in line with the Bitcoin Act proposed by Lummis in July, which calls for the US Treasury to accumulate one million Bitcoins within five years.

The proposal has also received particular attention from President-elect Donald Trump , who has announced his intention to create a strategic Bitcoin reserve to put the US at the forefront of cryptocurrencies.

When asked about the conflict of interest allegations, Lummis revealed that she had put her Bitcoin (5 BTC) into a blind trust .

This ensures that she has no control or knowledge of the property transactions, avoiding any moral hazard.

“Bitcoin is a commodity, a store of value, and a medium of exchange with great potential for Americans,” she asserted .

Will Bitcoin Replace Gold?
Senator Lummis' proposal, if implemented, would mark a revolutionary change in American economic policy.

However, the question is whether Bitcoin can replace gold as a global strategic asset? This will certainly be a matter of debate and will need to be monitored in the coming years.

Latest News