Bitcoin Reserve: US Senator Lummis with New Initiative for Funding
In the US Congress, the known advocate of Bitcoin, Senator Cynthia Lummis, has launched an initiative aimed at promoting Bitcoin as a reserve currency. The project finds support in discussions about a stable economic strategy, but faces opposition from several stakeholders.
Lummis, a senator from Wyoming, has long been considered a pioneer in crypto-related regulatory discussions. With her new push, she wants the US government to consider Bitcoin as an official reserve currency. Lummis argues that Bitcoin, due to its limited supply, offers inflation protection and security, especially in times when fiat currencies like the US dollar suffer from high inflation.
In a detailed proposal, Lummis elaborated on how a Bitcoin reserve could stabilize the nation’s finances and strengthen its position in the global financial system. The pressed notion by the initiative is to see Bitcoin as a digital gold, a safe haven investment in economic crises.
However, critics of the proposal point out the high volatility of Bitcoin and argue that such reliance on this digital currency could endanger stability. They demand further discussion and analysis of the potential risks involved.
The draft law would pave the way for specific regulations to allocate a certain percentage of the national reserves in Bitcoin. In addition, it suggests defining a maximum length for these reserves to minimize speculative risks.
Supporters of the project appreciate the innovative aspect of this idea and believe that it could position the United States as a global leader in the new, emerging digital economy.
Senator Lummis remains optimistic about her chances of getting the necessary support for her proposal in the Senate. Currently, the initiative is in an early stage where further rounds of discussions with leading financial experts and consultations with the authorities are necessary.
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