U.S. Senator Cynthia Lummis has introduced legislation advocating for the acquisition of 5% of the global Bitcoin supply, a strategic investment aimed at fortifying the U.S. economy. During her speech at the Bitcoin 2024 conference, Lummis revealed a plan to establish a “strategic Bitcoin reserve,” intended to reduce national debt and bolster economic stability. Over the next five years, the government plans to procure approximately one million Bitcoin, valued at about $68.1 billion.

This initiative aligns with Lummis’ vision of transitioning from traditional assets that depreciate by at least 2% annually to a more robust asset class that appreciates over time. The Senator emphasized that this shift would begin with an initial 210,000 Bitcoin, securely stored in various locations, marking a significant departure from conventional fiscal strategies.

The proposal comes on the heels of former President Donald Trump’s declaration of intent to transform the U.S. into the “crypto capital of the world,” complementing Lummis’ earlier criticisms of proposed taxes on Bitcoin mining. With these bold steps, Lummis, a celebrated figure in the cryptocurrency community, positions the U.S. at the forefront of the digital economy, potentially heralding a new era of fiscal policy centered around digital asset growth.