Senator Lummis says Treasury should convert gold for Bitcoin reserve
The United States government has the highest gold reserves in the world, with over 8,000 tons of the precious metal on its balance sheet.
Wyoming Senator Cynthia Lummis is advocating for the United States Treasury Department to convert a portion of its gold holdings into Bitcoin (BTC) to establish a Bitcoin strategic reserve.
Lummis told Bloomberg that by converting gold certificates held by the US Treasury into Bitcoin, the immediate effect on the US government’s balance sheet would remain “neutral,” as opposed to spending approximately $90 billion to purchase the Bitcoin at current market prices.
The US Senator previously argued that the US Treasury should convert a portion of its assets to purchase Bitcoin for the strategic reserve, but never specified which of the Treasury’s holdings should be sold to acquire more of the digital currency.
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Author: Vince Quill
