Senator Cynthia Lummis of the United States has recently proposed a bill known as the “Strategic Bitcoin Reserve” which aims to have the government acquire and hold 5% of the world’s Bitcoin supply for a minimum of 20 years.
During her keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee on July 27, Lummis stated that the acquired Bitcoin would be solely utilized to pay off the country’s debt.
The implementation of the bill will take place over the course of five years, with the government acquiring approximately one million Bitcoin, which is equivalent to roughly 5% of the total 21 million Bitcoin supply.
With Bitcoin’s current market price at $68,105, the cost of acquiring one million Bitcoin would be approximately $68.1 billion, according to data from CoinMarketCap.
