Kerby Anderson
As we all know, this country is carrying a national debt of $36 trillion. The Bible warns us about debt. Proverbs 22:7 says, “The rich rule over the poor, and the borrower is a servant to the lender.” We need to do something rather than ignoring our debt problem.
Senator Cynthia Lummis (R-WY) has proposed that the US put together a bitcoin strategic reserve. She has introduced the BITCOIN Act in the last session of Congress and will reintroduce it again in January. This next time, it may get a hearing because of the change in the US Senate and the interest from a new Trump administration.
She proposes that the US keep the bitcoin they have recovered and purchase approximately 200,000 bitcoin a year. She predicts, “…just by converting money we already have into bitcoin and holding them for 20 years. If we did that with 5 percent of all the bitcoin that will ever exist (which is roughly a million bitcoin), we could cut our debt in half in 20 years.”
The other benefit, she explains, “We would have an asset that’s growing in value while our own dollar is decreasing in value. We could shore up the US dollar as the world’s reserve currency.” This, she believes, would help protect the country against inflation and protect the US dollar worldwide.
Her proposal will have its critics, as illustrated by one article with the title, “The delusions behind a bitcoin strategic reserve.” But the idea deserves an honest discussion and evaluation in Congress.
Perhaps you have seen the graph that illustrates that it took 221 years to reach a national debt of $12 trillion and then shows we have added $12 trillion since 2020. We have a debt problem, and this is one way to address it.
This post originally appeared at https://pointofview.net/viewpoints/bitcoin-strategic-reserve/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-strategic-reserve
