National Assembly Discusses Bill Allowing Fed to Hold Bitcoin: Lummis

Speaking in an interview with Yahoo Finance, Senator Cynthia Lummis outlined a plan to allow the Federal Reserve to buy and hold Bitcoin, integrating it as a significant asset in the country’s financial strategy. Federal Reserve Chairman Jerome Powell declared in a recent FOMC meeting that the agency currently does not have the legal authority to own Bitcoin (BTC). Lummis aims to change that through new legislation. “I want to give it to them,” she told Yahoo Finance. Her proposal envisions the US government buying 200,000 Bitcoin annually for five years — a total of one million Bitcoin — and holding it for at least 20 years. Based on her prediction, this reserve could grow to a value of 16 trillion dollars over time. Lummis said: “I want our federal government to have a strategic Bitcoin reserve that can support the U.S. dollar.” Benefits of Holding Bitcoin Lummis emphasizes that holding Bitcoin can bring some benefits, including strengthening the US dollar and minimizing the challenges caused by the country’s significant debt. This proposal also suggests transferring about 200,000 Bitcoins from the US Asset Seizure Fund - seized in law enforcement operations - to the reserve. Despite the fluctuations of Bitcoin, Lummis considers it an ideal strategic asset, likening it to digital gold. “It’s a finite source - only 21 million Bitcoins have been mined,” she said, emphasizing its scarcity and long-term potential for value growth. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)