Senator Cynthia Lummis Wants the Fed to Hold Bitcoin as a Reserve Currency
Senator Cynthia Lummis, recognized for her pro-crypto stance, intends to propose that the Federal Reserve (Fed) hold Bitcoin (BTC) as a strategic reserve asset, similar to gold and foreign currencies.
Lummis is reportedly seeking the support of Republican presidential candidate Donald Trump to back his proposal.
This development comes amid speculation that Trump, who is also due to speak at the Bitcoin conference in Nashville alongside Lummis and other crypto personalities, may back Bitcoin as a strategic reserve asset.
However, the proposal faces many challenges under the current administration, which has adopted a cautious stance towards digital assets.
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Peter Schiff Predicts a Crypto market Crash and Shares How the Next Recession Will StartIf introduced during the upcoming Bitcoin Conference in Nashville, Lummis’ bill could mark a significant shift in US financial policy, potentially increasing the value of Bitcoin and encouraging other countries to follow suit.
The bill’s success will depend on gaining support from Congress and the outcome of the November presidential election.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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