Trump’s Ally Lummis Pushes to Sell Some of the Fed’s Gold to Buy Bitcoin
- The senator’s bill calls for the US to buy 1 million Bitcoin
- A pro-crypto ‘cavalry is arriving in Washington,’ Lummis says
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An ally of Donald Trump in the US Senate has a plan for filling up the president-elect’s proposed strategic Bitcoin stockpile without adding to the government deficit: Sell off some of the Federal Reserve’s gold.
Republican Senator Cynthia Lummis of Wyoming plans to push forward with a bill to do exactly that when the new Congress is seated next year. The bill calls for the US to acquire 1 million Bitcoin, representing nearly 5% of the outstanding tokens. The purchases would cost about $90 billion at current market prices, though the sum would likely increase if the bill passes and investors front-run the government’s buying.