Senator Cynthia Lummis Calls for Conversion of Gold Reserves to Bitcoin
In July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Act to the U.S. Senate, outlining a plan for the U.S. government to acquire 5% of the total supply of Bitcoin - 1 million BTC.
The bill also proposes that the U.S. government hold Bitcoin for 20 years as a hedge against inflation.
In November 2024, Senator Lummis proposed converting some of the U.S. gold reserves to Bitcoin as a budget-neutral way to purchase 1 million BTC, which would be worth about 90 billion dollars at that time.
