Wyoming Senator Cynthia Lummis announced at the Bitcoin 2024 conference that she will propose a plan for the U.S. Treasury to purchase 1 million bitcoins over the next five years. The initiative, valued at approximately $68 billion, aims to counteract the depreciation of the U.S. dollar. Lummis highlighted Bitcoin's average annual growth of 55% over the past four years, contrasting it with the dollar's depreciation and rising inflation. She believes that Bitcoin can serve as a stable asset to support the U.S. dollar.

BlockBeats news, July 28, according to The Block, Wyoming Senator Cynthia Lummis said at the Bitcoin 2024 conference that she will propose a proposal next week to instruct the U.S. Treasury to purchase 1 million bitcoins (worth about $68 billion at current prices) within five years. She said the move was to offset the impact of the depreciation of the U.S. dollar. "Bitcoin is a good means of preserving value. Over the past four years or so, it has grown by about 55% per year. During the same period, the dollar has depreciated and we have seen rising inflation." The senator added: "Therefore, I think it is valuable to have a hard asset that supports the dollar and whose value is growing rather than falling."

Senator Proposes U.S. Treasury Purchase of 1 Million Bitcoins to Support Dollar