CandleFocus Can the US Sell the 8,134 Tons of Gold in its Reserves and Buy Bitcoin? Economist Responds
2025-01-03
Author: Content Editor
Two proposals at the Bitcoin 2024 Conference in Nashville have sparked debate about the United States government investing in Bitcoin. Former President Donald Trump suggests the US should hold onto its current 198,000 BTC stockpile, while Senator Cynthia Lummis proposes that the US Treasury should buy one million BTC worth $100 billion and hold them for at least 20 years. Lummis argues that Bitcoin could support the US financial system, supplement gold reserves, and reduce the national debt. However, economist George Selgin has expressed concerns about the proposals, stating they would not significantly benefit taxpayers or strengthen the dollar's dominance. Selgin also criticizes the financing mechanism of Lummis' plan, warning it could create liabilities for the Federal Reserve.
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