Bankless U.S. Strategic BTC Reserve - The BITCOIN Act | Senator Cynthia Lummis
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Sep 2, 2024 
Senator Cynthia Lummis, a prominent advocate for Bitcoin in Congress, discusses her Bitcoin Act, aimed at establishing a strategic Bitcoin reserve for the U.S. to help tackle the national debt. She explores converting gold certificates into Bitcoin and the potential economic benefits of this shift. The conversation also highlights the importance of Bitcoin as 'digital gold,' examines bipartisan support, and critiques current government policies related to cryptocurrency. Lummis envisions a future where the U.S. leads in digital asset innovation, impacting both the economy and political landscape.
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Bitcoin as Debt Solution
- The only rational solution to the $35 trillion U.S. debt is a Bitcoin reserve.
- This involves converting gold certificates to their current value and using the difference to buy Bitcoin.
Leveraging Gold Certificates
- The U.S. can establish a Bitcoin reserve without selling its physical gold.
- The proposal leverages gold certificates, valuing them at current market prices.
Existing Bitcoin Holdings
- The U.S. government currently possesses over 200,000 Bitcoin, primarily seized from Silk Road and similar illegal activities.
- The proposed bill aims to prevent further sales of this Bitcoin and incorporate it into the strategic reserve.