WY Senator Proposes U.S. Buy 1m Bitcoin in Effort to Reduce National Debt

[Webster]

Coindesk: Senator Lummis Proposes the U.S. Buy 1M Bitcoin to Reduce National Debt

NASHVILLE — U.S. Senator Cynthia Lummis plans to introduce legislation calling for a "strategic bitcoin reserve" that will reduce the national debt of the United States by buying 1 million bitcoin (BTC) over the course of five years.

The bitcoin would be held for at least 20 years, she said.

"This is the solution. This is the answer. This is our Louisiana purchase moment,” the Wyoming senator said on stage after former President Donald Trump spoke and endorsed the idea of a bitcoin reserve.

At current prices, 1 million bitcoin are worth about $68 billion.

 

[Starmix]

Wow, that is a huge 1 million worth of Bitcoins. That could surely help, solve debts.

 

[Webster]

Wow, that is a huge 1 million worth of Bitcoins. That could surely help, solve debts.

There's a reason the U.S. dollar, my friend, is the world's first-tier currency reserve.
While a million BTC is not going to pay down debts (US debt currently stands around $34-35 trillion), holding that much would be a major shot in the arm for crypto in general.

 

[Starmix]

There's a reason the U.S. dollar, my friend, is the world's first-tier currency reserve.
While a million BTC is not going to pay down debts (US debt currently stands around $34-35 trillion), holding that much would be a major shot in the arm for crypto in general.

Nah, what a huge debt, but the USA always extends its monetary help anywhere in the world. But God bless America, the best in the world.

 

[Webster]

Nah, what a huge debt, but the USA always extends its monetary help anywhere in the world. But God bless America, the best in the world.

At some point the U.S. isn't going to be able to do that; either our debts will become too heavy or we won't be able to make the interest payments on the debt.

 

[Starmix]

At some point the U.S. isn't going to be able to do that; either our debts will become too heavy or we won't be able to make the interest payments on the debt.

That's a sure thing not a heavy burden for the USA because of huge taxes, lol.

 

[Webster]

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Wyoming Sen. Cynthia Lummis discusses feedback to her bill to build a strategic bitcoin reserve. Plus, she breaks down where progress stands on passing U.S. crypto regulation.

Following Monday’s show taping, an SEC spokesperson responded to CNBC’s request for comment on the court’s denial of Kraken’s motion to dismiss the agency’s lawsuit against the crypto exchange writing, “Once again, a court confirmed that the framework used to identify securities for nearly 80 years still applies, regardless of the labels used. Investors in crypto assets offered or sold as securities should get the same protections as investors in other securities, even when they are traded using intermediaries. Platforms for trading such crypto assets should register and ensure they have safeguards against fraud and manipulation, the commingling of customer assets, and conflicts of interests. Until they do so, investors will continue to get hurt.”

Late Monday afternoon a Kraken spokesperson responded to CNBC’s request for comment on whether the company plans to answer the complaint writing, “Kraken intends to answer the Complaint with multiple defenses to the SEC’s inconsistent and legally erroneous positions. We look forward to victory at trial.”

Chapters
00:00 - CNBC Crypto World, Aug. 26, 2024
0:28 - Crypto prices drop
0:57 - The headlines
5:20 - Sen. Cynthia Lummis

The relevant part begins at 5:20 in the video.