Republican Senator proposed to buy more Bitcoin by selling The Fed’s gold

3 days ago 3

U.S. Senator Cynthia Lummis proposed a Bitcoin national strategic reserve by selling some of The Federal Reserve’s gold, rather than buying from government budget.

Cynthia Lummis, a Republican Senator, plans to push President-elect Donald Trump’s masterplan for Bitcoin into reality. Lummis has mentioned, in an interview with Bloomberg, that some of The Federal Reserve’s gold could be sold to buy more Bitcoin, rather than buying from the federal government budget.

“We already have the financial assets in the form of gold certificates to convert to Bitcoin,” Lummis said.

Following her bill, the biggest cryptocurrency by market capitalization would be held for no less than two decades. The appreciation in value would help to reduce the national debt, which is approximately counted as much as $36 trillion.

However, the Trump administration also aims to maintain 200.000 Bitcoin ownership. Mostly, all the crypto owned by the U.S. government is a seizure asset from several court cases.

On Polymarket, the world’s largest prediction market, the crypto community lacks confidence in Trump’s plan as the poll shows only a 30% chance.

Nevertheless, the U.S. Congress has seen a massive number of pro-crypto legislators win the seats, which indicates that the crypto bill would easily be passed in the future.

Trump pledges to Bitcoin community

President-elect Donald Trump once ever pledged to the crypto community to create a Bitcoin strategic national reserve in the latest conference in Nashville. He also mentioned that the United States will be the crypto capital in the world as he takes an oath of office in mid-January.

Trump also mentioned he would fire Chairman of the Securities and Exchange Commission (SEC) Gary Gensler on his first day in office. At that time, he will nominate another person as a chairman who is more friendly to digital asset

He also vows to the crypto community to pardon Silk Road founder Ross Ulbricht who is serving 40 years in jail without possibility of parole.

Recently, the price movement has surged almost 12% in the last 7 days, and traded $89.632 on Nov. 18. The biggest cryptocurrency in the world also achieved new all-time high prices up to $93.477 on Nov. 13. The market capitalization also raised to $1,7 trillion.