Nuclear race is not just how a Superpower can show its global dominance, next in the line could be a Bitcoin race. US Senator Cynthia Lummis has suggested a bitcoin arms race between Superpowers US, Russia and China are where the ‘fun quotient’ is instead of an arms race. She also pitched Bitcoin as the solution for US’ 35 trillion debt.
In a recent interview, the Senator from Wyoming, Lummis, suggested, “Wouldn’t it be fun if the next arms race is not for weapons but it is for Bitcoin. Wouldn’t it be fun if the US buys Bitcoin and it scares China and Russia, and they start buying Bitcoin.”
The Republican Party Representative, Lummis also claimed, “Bitcoin is the only thing that can save the US from its $35T debt”.
My BITCOIN Act is currently the only viable solution that positions us to cut our national debt in half by 2045. I joined @BanklessHQ to discuss how my commonsense legislation will get us back on track and secure our position as a world leader in financial innovation. https://t.co/CIYVscdsQh
— Senator Cynthia Lummis (@SenLummis) September 4, 2024
As she shared her concern over having the US remain the world reserve currency with US dollar, ensuring sound reserve and ensuring the US dollar is not debased in terms of value, she said that the only thing that would address the humongous amount of US debt is having a Bitcoin Reserve.
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The US Gold reserves have not been accounted for since the 70s, and updating the accounting ledger to today’s prices would make enough money available to buy the 1 million Bitcoin put forth in the Bitcoin Reserve proposal.
She explained that the bitcoin would be purchased over a 5 year period (using the difference in gold certificates value of the 1970s and the current value) aggregating in a million Bitcoin, which would be about 5% of the Bitcoins that will ever be mined, and then “put it in cold storage for 20 years, at which point, it will cut US current debt in half”.
She predicted the Bitcoin will be worth $17T then, which would immensely help bring down the US debt.
This approach would help in investing Bitcoin without affecting the US balance sheet, not adding to any sort of debt. It will also help in solving the crisis of the US dollar being debased and declining in value.
It is isn’t the first time a Republican has spoken in favor of Bitcoin and its value, Trump has for long been holding a pro-crypto stance and has promised to make US the crypto capital of the world in a recent Presidential campaign event. On the other hand, former President Biden and other Democratic candidates, including Kamala Harris haven’t fully revealed their crypto cards yet.
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Also Read: Kamala Harris is Accepting Crypto Donations; Coinbase CFO
