Strategic Bitcoin Reserve Could Be Paid For By Federal Reserve Earnings And Reevaluating Gold, Proposes Senator Lummis
Portfolio Pulse from Murtuza Merchant
Senator Cynthia Lummis has proposed a bill to establish a U.S. strategic bitcoin reserve, funded by Federal Reserve earnings and revaluating gold. The plan includes acquiring up to 1 million BTC over five years and storing them securely across the U.S. The proposal also involves revaluing the Federal Reserve banks' gold certificates to their fair market value.
July 31, 2024 | 12:26 pm
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The proposal to establish a U.S. strategic bitcoin reserve could significantly increase demand for Bitcoin, potentially driving up its price in the short term.
The proposed acquisition of up to 1 million BTC over five years by the U.S. government would create substantial demand for Bitcoin, likely driving up its price. The secure storage and long-term holding strategy further supports a bullish outlook.
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