TechFlow reported that U.S. Senator Cynthia Lummis introduced a bill at the Bitcoin 2024 conference in Nashville on July 27, proposing that the U.S. government purchase 5% of the global bitcoin supply and hold it for at least 20 years.
Lummis said the move aims to reduce U.S. debt. According to the proposal, the U.S. government would acquire 1 million bitcoins over five years—approximately 5% of the total supply. At the current price of $68,105, this would cost about $68.1 billion.
Lummis emphasized that this bitcoin reserve would start with the 210,000 bitcoins mentioned by Trump and be stored in geographically dispersed vaults.
She argued that holding bitcoin—which she believes will appreciate in value—is preferable to holding dollar-denominated assets that depreciate by at least 2% annually. This proposal follows former President Trump's announcement that, if elected, he would make the United States the global hub for cryptocurrency. Notably, Lummis recently released a report opposing the Biden administration's proposal to impose a 30% energy consumption tax on bitcoin miners.
