Just In: Senator Cynthia Lummis Proposes Fed Gold Sale To Buy 1M Bitcoin

Quick Summary:

Republican Senator Cynthia Lummis of Wyoming is proposing a plan to sell part of the Federal Reserve’s gold holdings to fund the purchase of one million Bitcoin for a national strategic reserve.

This move comes amid Bitcoin’s recent price rally to an all-time high of $93,500 following Trump’s election win.

Her bill, known as the BITCOIN Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide), would authorize the acquisition of up to one million Bitcoin.

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Article Details

Author / Journalist: Kelvin Munene Murithi

Category: Crypto

Markets: India

Topics: Bitcoin Reserve Bitcoin News 24/7 Cryptocurrency News Senator Cynthia Lummis

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-14 @ 19:10:42 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 249 words

Reading Time: 2 minutes read

Sentences: 32 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 23590630

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