Between Trump and Kennedy, Lummis wins. The most compelling policy proposal at the Bitcoin 2024 conference in Nashville comes from the Republican senator.
Republican U.S. Senator Cynthia Lummis has proposed the creation of a strategic Bitcoin reserve worth $67 billion to strengthen the U.S. dollar. The announcement was made during the 2024 Bitcoin Conference in Nashville on July 27, 2024.
Details of the proposal
Lummis stated that the Bitcoin reserve would serve to consolidate the dollar’s position as the global reserve currency, keeping the United States as a leader in financial innovation. The proposal involves the creation of a network of Bitcoin vaults managed by the Treasury Department and the scheduled purchase of 986,605 bitcoins, worth $67 billion. The amount would correspond to about 5% of the total Bitcoin supply. This would bolster the U.S. economic position in light of rising inflation rates and high national debt.
Kennedy promises the impossible, Trump disappoints
At the same conference, former President Donald Trump announced that if elected, his government would retain 100% of all held bitcoins, including them in the national reserve strategy. Trump asserted that this would make the United States the crypto capital and the global Bitcoin superpower.
The U.S. government currently holds 213,238 bitcoins, valued at approximately $14.5 billion, according to Arkham Intelligence.
Independent candidate Robert F. Kennedy Jr. proposed signing an executive order to purchase 550 Bitcoin per day until reaching a reserve of 4 million bitcoins. Kennedy aims for U.S. Bitcoin reserves to proportionally match those of gold, currently about 19% of global reserves.
With the November elections approaching, Republicans are seeking to garner the vote of cryptocurrency supporters. So far, the Democratic Party has not actively participated in the debate, with presidential candidate Kamala Harris not attending the conference.
