US Senator Cynthia Lummis has made waves with a bold Bitcoin proposal. The Wyoming Democrat wants Uncle Sam to buy a million bitcoins. That's about $60 billion worth of crypto.
Lummis dropped this bombshell at a Bitcoin conference in July. She likened it to the Strategic Petroleum Reserve. The idea? Boost the greenback and maybe chip away at the national debt.
The bill's now landed in the Senate Banking Committee. They'll give it a once-over and chat with the experts. If they give it the thumbs up, it's back to the Senate floor.
Folks are buzzing about it. Senators have been flooded with letters. 2,200 in just three days. Democrats got the lion's share with 1,333. Republicans weren't far behind with 850.
But it's not all sunshine and rainbows in crypto land. The market's taken a bit of a beating lately. Bitcoin's down 11% in a week. Ouch.
Still, crypto's hot in Washington. Trump's singing its praises on the campaign trail. That's put the cat among the pigeons. Other candidates might have to pipe up about crypto too.
It's a big deal. 20% of US voters have skin in the crypto game. That's nothing to sneeze at.
Lummis reckons her bill could help tackle the national debt. It's a whopping $35 trillion. That's a lot of zeroes.
The crypto market's worth about $2.15 trillion right now. It's down a smidge, but still a pretty penny.
If Lummis gets her way, the Treasury would be stacking sats for five years. That's crypto-speak for buying Bitcoin, by the way, in case you are unfamiliar with the expression. But you are probably familiar with the notion that massive buyout of BTC inevitably leads to price surge.