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Senator Lummis Proposes the U.S. Buy 1M Bitcoin to Reduce National Debt

The Wyoming senator brought a copy of her legislation to the stage at the Bitcoin Conference in Nashville.

By Danny Nelson|Edited by Nick Baker
Updated Jul 28, 2024, 1:33 a.m. Published Jul 27, 2024, 9:11 p.m.
Senator Cynthia Lummis on stage in Nashville with a copy of her bitcoin reserve bill (Danny Nelson/CoinDesk)
Senator Cynthia Lummis on stage in Nashville with a copy of her bitcoin reserve bill (Danny Nelson/CoinDesk)

NASHVILLE — U.S. Senator Cynthia Lummis plans to introduce legislation calling for a "strategic bitcoin reserve" that will reduce the national debt of the United States by buying 1 million bitcoin BTC$90,193.08 over the course of five years.

The bitcoin would be held for at least 20 years, she said.

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"This is the solution. This is the answer. This is our Louisiana purchase moment,” the Wyoming senator said on stage after former President Donald Trump spoke and endorsed the idea of a bitcoin reserve.

At current prices, 1 million bitcoin are worth about $68 billion.

Read more: Trump Backs U.S. Bitcoin Reserve and Says Democrat Win Will Be Disaster for Crypto: 'Every One of You Will Be Gone'

Bitcoin NewsCynthia Lummis

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