Senator Cynthia Lummis, a prominent Republican from Wyoming, has announced plans to introduce legislation that would create a Strategic Bitcoin Reserve for the United States.
The proposed bill aims to accumulate 1 million Bitcoin over a five-year period, which would represent approximately 5% of the total global Bitcoin supply.
The initiative builds upon the 210,000 BTC already held by the U.S. government and is designed to reduce the national debt by 2045.
The plan involves the establishment of a network of secure storage vaults managed by the U.S. Treasury Department, with the goal of safeguarding the Bitcoin reserves.
Notably, the Strategic Bitcoin Reserve would not require any additional taxpayer funding, as it would utilize excess Federal Reserve reserves.
This innovative approach to managing the national debt through Bitcoin investment has the potential to reshape the relationship between cryptocurrency and traditional finance in the United States.
The announcement has generated significant interest and debate within the crypto community, with many speculating on the potential implications of such a large-scale government investment in Bitcoin.