US Senators to propose "U.S. Treasury purchases 1 million Bitcoins in 5 years"

BlockBeats news, July 28, according to The Block, Wyoming Senator Cynthia Lummis said at the Bitcoin 2024 conference that she will propose a proposal next week to instruct the U.S. Treasury to purchase 1 million bitcoins (worth about $68 billion at current prices) within five years.

She said the move was to offset the impact of the depreciation of the U.S. dollar. "Bitcoin is a good means of preserving value. Over the past four years or so, it has grown by about 55% per year. During the same period, the dollar has depreciated and we have seen rising inflation." The senator added: "Therefore, I think it is valuable to have a hard asset that supports the dollar and whose value is growing rather than falling."