Senator Cynthia Lummis of Wyoming has proposed a groundbreaking bill to address the U.S. national debt, which has reached $35 trillion. Unveiled at the Bitcoin 2024 conference in Washington, D.C., the proposal aims to establish a strategic reserve of one million Bitcoins, managed by the U.S. Department of Treasury.
This move is intended to strengthen the U.S. dollar and provide a hedge against rising inflation and living costs. The plan involves using existing reserves from the Federal Reserve System and Treasury Department.
Former President Donald Trump and Independent presidential candidate Robert F. Kennedy Jr. have endorsed the proposal, highlighting a bipartisan vision for Bitcoin’s role in the economy.
The initiative seeks to secure a stable economic future and mitigate the soaring annual interest costs projected to reach $1.7 trillion by 2034.
