This Senator Wants the US Government to Control 5% of Bitcoin Supply, Even if It Takes a Law

 – During the Bitcoin 2024 conference in Nashville on July 27, 202, United States (US) Senator Cynthia Lummis proposed a groundbreaking bill for the US government to purchase 5% of the world’s Bitcoin supply and hold it for at least 20 years.

“It can be used for one purpose, to reduce our debt,” Lummis was quoted as saying by Yahoo Finance, Monday (12/8/2024).

He explained the plan, if passed, would be rolled out over five years, with the government aiming to acquire one million Bitcoins, about 5% of the total supply of 21 million Bitcoins.

Lummis emphasized the long-term benefits of this investment, suggesting holding Bitcoin, rather than traditional assets that depreciate at least 2% annually, would offer significant growth in value.

“The Bitcoin reserve that we’re going to create is going to start with the 210,000 Bitcoins that President Trump just mentioned and pull that into a reserve, store it in vaults in various locations, and that’s just the beginning,” Lummis explained.

He underlined a strategic shift from holding US dollars to investing in Bitcoin, an asset he believes will increase in value over time.

Lummis is a respected figure in the crypto industry, known for her pro-crypto stance. Her proposal was warmly received by attendees at the Bitcoin 2024 conference.

Lummis’ proposal comes after her recent report opposing the Biden administration’s proposed 30% excise tax on energy consumed by Bitcoin miners.

Released on July 23, the report, titled “Powering Down Progress: Why A Bitcoin Mining Tax Hurts America,” states that Bitcoin mining infrastructure benefits the U.S. energy grid.

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