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Coinpaprika 2025-02-03 06:58:31

Senator Lummis Pushes Bitcoin Reserve to Cut US Debt

Senator Lummis Pushes Bitcoin Reserve to Cut US Debt

Senator Cynthia Lummis has proposed creating a Strategic Bitcoin Reserve as a way to tackle the massive $36 trillion national debt and strengthen the US dollar’s global position. She argues that Bitcoin’s value growth could significantly reduce the debt over the next two decades. Lummis believes this reserve would correct financial mistakes made by past generations and relieve the economic strain on younger Americans. She sees Bitcoin as a tool that can offset debt while reinforcing the US dollar as the world’s dominant currency. In a recent interview, Lummis explained that a Bitcoin reserve could potentially cut the debt in half. She pointed out that Bitcoin has historically grown at an annual rate of about 55%, though she expects this to slow over time, dropping to 45%, 35%, 25%, and so on. Even with this decline, she believes that holding Bitcoin now could help pay off a significant portion of the US debt in 20 years. Lummis referenced Robert F. Kennedy Jr., who has promoted a similar strategy. If a large enough reserve is established, she suggests it could eliminate the national debt entirely. She views Bitcoin as the only asset with the potential to grow at such a scale and reverse decades of financial mismanagement. Last July, Lummis introduced the BITCOIN Act, proposing that the US government acquire 1 million Bitcoin as part of its financial strategy. She recently became the first chair of the Senate Banking Subcommittee on Digital Assets , further cementing her leadership in crypto policy. Momentum for a Strategic Bitcoin Reserve is growing at the state level. According to Dennis Porter, founder of the Satoshi Action Fund, 15 states have expressed public support for the idea. At least 11 states have introduced bills to establish such a reserve, and Arizona and Utah have already advanced their proposals through legislative committees. Public advocacy for Bitcoin as part of a national reserve is also increasing. Porter noted that over 3,300 letters have been sent to Members of Congress urging them to recognize Bitcoin as a key strategic asset. This push gained further attention after former President Donald Trump signed an executive order to create a national digital asset stockpile, though it did not specifically name Bitcoin. Lummis remains confident that a Strategic Bitcoin Reserve could be the key to restoring financial stability in the US. She views it as a critical step toward reducing debt while ensuring the dollar remains the world’s leading currency.

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