Trump Backs Lummis’ Bitcoin Act: A Strategic Move for National debt
Senator Cynthia Lummis announced that president Donald Trump supports her BITCOIN Act. this act requires the U.S. government to buy 1 million Bitcoins over five years. The goal? To tackle the nation’s $36 trillion debt.
During a Senate speech on May 2, Lummis praised Trump’s backing. She believes Bitcoin can solve the contry’s massive debt. “I’m thankful for a president who sees the future,” she said. The act aims to make the U.S. a leader in financial innovation.
Why is this critically important? The BITCOIN act could reshape the U.S. economy. It’s a bold plan to buy 1 million BTC. This move woudl make the U.S. the biggest Bitcoin holder. The government currently owns about 198,000 BTC, worth around $19 billion. To hit the 1 million BTC target,the U.S. would need to invest roughly $76 billion. This investment could boost Bitcoin’s price. Why? Because the government would compete with big players like Strategy, which plans to buy $84 million in BTC. The U.S. would become the largest Bitcoin holder. This could stabilize the currency and protect American workers. Lummis thinks Bitcoin empowers everyday peopel. It gives them control over their money. She believes this move will secure America’s position as a global leader in financial innovation.
Senator Cynthia Lummis believes Bitcoin empowers everyday people. It gives them control over their money. As Bitcoin usage grows,it makes the system more secure and robust. The U.S. should lead this innovation.
The BITCOIN Act, proposed by Lummis, mandates the U.S. government to acquire 1 million bitcoins over five years.This would make the U.S. the largest single holder of Bitcoin. The government currently holds about 198,000 BTC, mostly from seized assets, with a combined value of $19 billion. to reach the 1 million BTC target, the U.S. would need to invest around $76 billion in BTC at current prices. However, prices are unlikely to remain stable, as markets would likely see this move as a major bullish signal.
The relatively illiquid supply of Bitcoin, compared to conventional assets, means that Bitcoin’s price would likely rise significantly once the acquisition starts. The U.S. would also have to compete with Bitcoin giants such as Strategy, which has announced plans to invest $84 million in BTC.
