Senator Cynthia Lummis Announces Bill for US Treasury to Buy 1 Million Bitcoin

Senator Cynthia Lummis has announced that she will be proposing a bill to the US Treasury to purchase 1 million Bitcoins, which is equal to about $68 billion, over a period of five years.

This initiative is aimed at mitigating the negative impact of the devaluation of the US dollar.

Lummis explained that Bitcoin is a valuable store of value and has greatly increased in value by about 55% annually over the past four years.

In contrast, the US dollar has depreciated and the country has experienced rising inflation.

She believes that having a hard asset like Bitcoin to back the dollar, which increases in value instead of decreasing, would be beneficial. The Senator has been a strong advocate for Bitcoin since purchasing her first tokens in 2013.

She has also been actively involved in trying to pass legislation specifically related to cryptocurrency.