Cynthia Lummis Orders US to Buy 1 Million Bitcoins Through Bill

Bittime - Wyoming Senator Cynthia Lummis will introduce a bill directing the US Treasury Department to purchase 1 million bitcoins — worth about $68 billion (IDR 1,101 trillion) at current prices — over a five-year period. This proposal aims to counter the effects of a weakening US dollar.

"Bitcoin is a great store of value. Over the last four years, its value has increased about 55% per year. In that same period, the value of the US dollar has declined and we see inflation continuing to rise," said Senator Lummis in an exclusive interview with The Block .

Lummis Assesses Bitcoin Will Continue to Rise

Lummis, who has long supported bitcoin and reportedly bought his first token in 2013, added, "In my opinion, it would be very valuable to have a hard asset that supports the US dollar and its value continues to grow, not decline."

According to the bill, the US Treasury Department would store purchased bitcoins in various geographic locations. The government will hold the coins for at least 20 years, unless they are sold to "reduce the national debt."

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"From numerical modeling and past experience with bitcoin, we know that this could be an absolute game changer for the mess the United States has gotten itself into with its debt and deficit," stressed Senator Lummis.

Lummis Suggests US Treasury Take Over Ownership of BTC

Furthermore, Lummis proposed that the US Treasury also take ownership of approximately 210,000 BTC currently held by the US Department of Justice and other agencies. The assets mostly come from criminal seizures.

"We have strategic oil reserves. We hold gold. So, the idea of ​​a strategic reserve used specifically to reduce debt solves so many problems that it's almost self-evident, but it's still a big step," explained Senator Lummis.

This is not the first time Senator Lummis has suggested the US government buy bitcoin. In 2022, he once proposed the idea of ​​diversifying the Federal Reserve's balance sheet with bitcoin. Lummis himself is reported to have bitcoin worth more than $100,000 (Rp. 1.62 billion) based on his latest mandatory report.

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While Lummis is optimistic that some crypto-specific legislation could pass this year — such as a stablecoin bill he co-authored with Sen. Kirsten Gillibrand of New York — he doesn't think a bitcoin reserve bill will be seriously considered until after the next election.

"It's not something I see passing this year, but rather it was put forward as part of a bill that people could review this year, written internally by my staff," Lummis said.

Senator Lummis, a lifelong Republican and Trump supporter, said that the 45th US president had essentially opened the door wide for the US to embrace crypto.

"President Trump was instrumental in crafting the language in the Republican Party platform. This includes opposing a central bank digital currency in the United States. It is pro-bitcoin mining, and he wants to keep America as a major center for digital assets," he said.

Senator Lummis' bold proposal marks a potential turning point in US financial policy. This is likely to trigger heated debate among policymakers and economic experts. 

Regardless of the pros and cons, one thing is certain: the world of finance is witnessing a possible paradigm shift that could dramatically change the global economic landscape.

How To Buy Crypto With Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.