CandleFocus Sent. Cynthia Lummis to Empower Federal to Hold Bitcoins
2024-12-19
Author: Content Editor
Senator Cynthia Lummis, a strong advocate for Bitcoin, proposed the idea of creating a strategic Bitcoin reserve for the United States. She believes that Bitcoin could serve as a financial backstop for the US dollar and become a national savings account. Her proposal involves the phased purchase of 1 million Bitcoins over five years. However, Federal Reserve Chairman Jerome Powell clarified that the central bank does not have the authority to own Bitcoin. His remarks caused Bitcoin's price to fall below $100,000. The Bitcoin Policy Institute had previously drafted an executive order aiming to establish a strategic Bitcoin reserve within the exchange stabilization fund.
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