Senator Lummis has proposed a legislative bill that aims to allow the US Treasury to acquire 1 million Bitcoin as part of its reserves. The strategy involves using a gold revaluation approach to fund the acquisition. This plan is designed to integrate Bitcoin more deeply into the national financial system and explore the potential benefits of holding cryptocurrency in reserves.
The proposal outlines how the gold revaluation would generate the necessary funds for the purchase, leveraging the existing gold reserves. This approach aims to minimize the financial impact on the Treasury while diversifying its holdings. If passed, the bill could significantly impact Bitcoin's market value and the US's stance on cryptocurrency.
Details on how the revaluation will be calculated and the timeline for execution remain under discussion. The proposal indicates a growing interest in mainstream acceptance and utilization of cryptocurrency at the governmental level.
The plan is expected to undergo rigorous debate in Congress and among financial experts, with potential modifications being considered before it can be implemented.