Speaker: Wyoming State Senator Cynthia Lummis
Conference: Bitcoin Conference 2024
Date: July 27, 2024
View the original video on Youtube: https://www.youtube.com/watch?v=_Ou_oxWsCcc&t=324s
Before you all leave, have we got a present for President Donald Trump! Here it is! This is the Bitcoin Reserve Bill!
I’m reading from the text: In the Senate of the United States, …to establish a Strategic Bitcoin Reserve, a network of secure storage vaults, purchase programs and other programs to ensure the transparent management of Bitcoin holdings of the Federal Government.
My name is Cynthia Lummus, and I’m the Bitcoin Senator. When Satoshi Nakamoto, in January of 2009, mined the first Bitcoin, he brought about an asset that will change the world. This is our Louisiana Purchase moment.
This Bitcoin Reserve that we’re going to create will start with the 210,000 Bitcoin that President Trump just mentioned, and pull it into a reserve stored in geographically diverse vaults, and that’s only the beginning. Over five years, the United States will assemble one million Bitcoin (5% of the world’s supply), and it will be held for a minimum of 20 years, and can be used for one purpose: to reduce our debt.
This Bitcoin is going to be transformative for this country. As President Trump just said, we are printing too much money, we are spending too much money. We printed in 22 months, during covid, the same amount of money that had ever been printed in the history of the United States.
Well, no more!
With a Strategic Bitcoin Reserve we will have an asset that in that period of time, before 2045, can cut our debt in half. As Michael Saylor said yesterday, if we put $3.3 million in a Bitcoin Reserve, we will eliminate the United States debt. We will be debt free because of Bitcoin!
This asset is transforming not only our country, but our world. The United States needs to be the global leader, as President Trump just said. You know what, we don’t have to raise taxes to do it. We have the funds now. This bill provides that not only will the asset forfeiture money be transferred into this Reserve, fulfilling President Trump’s promise that he won’t sell any Bitcoin, but we will convert excess reserves at our 12 Federal Reserve banks into Bitcoin over five years.
We have the money now. But we’ll no longer be holding it in the U.S. dollar, an asset that is designed to debase at least two percent per year. We’ll be holding it in an asset that will grow in value, that throughout its history has grown 55% per year. This is the solution! This is the answer! This is our Louisiana Purchase moment!
Thank you Bitcoin! It’s your love of freedom, your innovation, your thoughtful design, your keeping this asset alive, well, free, and in support of individual sovereignty that is going to save America.
Let’s make America free again Bitcoin! This is our present to the United States of America! Thank you.
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