Senator Cynthia Lummis Wants the Fed to Hold Bitcoin as a Reserve Currency
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Senator Cynthia Lummis, recognized for her pro-crypto stance, intends to propose that the Federal Reserve (Fed) hold Bitcoin (BTC) as a strategic reserve asset, similar to gold and foreign currencies.
Lummis is reportedly seeking the support of Republican presidential candidate Donald Trump to back his proposal. She is set to propose a bill for the U.S. Treasury to acquire 1 million BTC, valued at about $68 billion, over the next five years
This development comes amid speculation that Trump, who is also due to speak at the Bitcoin conference in Nashville alongside Lummis and other crypto personalities, may back Bitcoin as a strategic reserve asset.
However, the proposal faces many challenges under the current administration, which has adopted a cautious stance towards digital assets.
If introduced during the upcoming Bitcoin Conference in Nashville, Lummis’ bill could mark a significant shift in US financial policy, potentially increasing the value of Bitcoin and encouraging other countries to follow suit.
The bill’s success will depend on gaining support from Congress and the outcome of the November presidential election.
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