SE Wyoming News

Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY) unveiled a proposal at Bitcoin 2024 to establish a strategic Bitcoin reserve aimed at strengthening the U.S. dollar and reinforcing the nation's position in the global financial system.

“Establishing a strategic Bitcoin reserve would firmly secure the dollar’s position as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation,” said Lummis. “Families across Wyoming and the U.S. are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future.”

The United States currently maintains strategic reserves in assets such as gold and petroleum, which are deemed critical to national security and independence. The proposed Bitcoin reserve aims to bolster the U.S. dollar with a digital hard asset, ensuring America's leadership in global finance for decades. This reserve would be mandated to hold onto Bitcoin for 20 years, with its sole use during this period being limited to paying down national debt.

The bill is expected to be introduced shortly, with additional cosponsors anticipated.

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