An ally of Donald Trump in the US Senate, Republican Senator Cynthia Lummis of Wyoming, plans to introduce a bill to sell off some of the Federal Reserve's gold in order to acquire 1 million Bitcoin, representing nearly 5% of the outstanding tokens. The purchases would cost about $90 billion at current market prices.

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An ally of Donald Trump in the US Senate has a plan for filling up the president-elect’s proposed strategic Bitcoin stockpile without adding to the government deficit: Sell off some of the Federal Reserve’s gold. Republican Senator Cynthia Lummis of Wyoming plans to push forward with a bill to do exactly that when the new Congress is seated next year. The bill calls for the US to acquire 1 million Bitcoin, representing nearly 5% of the outstanding tokens. The purchases would cost about $90 billion at current market prices, though the sum would likely increase if the bill passes and investors front-run the government’s buying.

Trump's Ally Lummis Pushes to Sell Some of the Fed's Gold to Buy Bitcoin

Trump's Ally Lummis Pushes to Sell Some of the Fed's Gold to Buy Bitcoin