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Bankless

U.S. Strategic BTC Reserve - The BITCOIN Act | Senator Cynthia Lummis

Bankless

[email protected]

Tech News, News, Technology

4.81.1K Ratings

🗓️ 2 September 2024

⏱️ 53 minutes

🧾️ Download transcript

Summary

U.S. Senator Cynthia Lummis is a leading Bitcoin advocate in Congress who recently introduced her proposal, "the Bitcoin Act," which seeks to create a strategic Bitcoin reserve for the United States of America. In today's episode, we explore how the bill could address the $35 trillion debt, the conversion of gold certificates to Bitcoin, and its economic implications.


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https://www.bankless.com/debrief-the-cynthia-lummis-interview


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✨ Mint the episode on Zora ✨
https://zora.co/manage/1155/zora:0x0c294913a7596b427add7dcbd6d7bbfc7338d53f/56


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TIMESTAMPS


0:00 Intro
6:40 The Bitcoin Act
10:01 Gold to Digital Gold
15:01 U.S. Strategic Reserves
18:00 U.S. Discretion in Selling Forfeited Bitcoin
20:44 Is Bitcoin Ready for Federal Reserve Backing?
23:24 Bitcoin Adoption to Tackle U.S. Debt
28:17 Bitcoin's Potential Impact
33:15 Being First in Bitcoin Strategic Reserves
39:22 Pros vs. Cons of Bitcoin Strategic Reserves
49:08 Bipartisan Prospects and Democratic Silence
53:52 Conservative Support vs. Liberal Adoption
56:30 Trump vs. Harris on Crypto Legislation


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RESOURCES


Senator Cynthia Lummis
https://x.com/SenLummis


The Bitcoin Act
https://www.lummis.senate.gov/press-releases/lummis-introduces-strategic-bitcoin-reserve-legislation/
https://www.lummis.senate.gov/wp-content/uploads/BITCOIN-Act-FINAL.pdf


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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures

Transcript

Click on a timestamp to play from that location

0:00.0

All assets are going to be digital.

0:03.0

And it's important that the US lead in this area.

0:10.0

You know, we've always been the innovator,

0:12.0

we've always been the leader, and right now we've been kind of hesitant sitting on our hands and people in Congress don't know what this is and they don't want to lead. that's not American, we always lead.

0:24.8

Welcome to Bankless, where today we explore the frontier of a strategic

0:36.3

Bitcoin reserve. This is Ryan John Adams. I'm here with David Hoffman and we're

0:40.5

here to help you become more bankless.

0:43.6

So the question on the menu today, what would it look like for the US to build a Fort Knox of

0:48.2

crypto?

0:49.2

That's the place in the US where it holds all of its gold.

0:52.2

And what if we filled that Fort Knox of

0:53.9

crypto with 1 million Bitcoin one million Bitcoin units that would be 5% of

0:59.1

the supply of all Bitcoin. Dave is laughing here, but this is actually not a

1:03.3

crypto fantasy. It almost sounds like a fantasy novel that we're

1:06.3

creating, but this is a bill, an actual bill proposed by a US

1:11.4

senator, authored by Senator Cynthia Lemes, and she says it's the only way to solve

1:16.4

the US is $35 trillion debt problem, and she's dead serious about it.

1:20.7

We have her on the podcast today. And before you say there's no chance

1:24.1

that anything like this could pass, like understand I get the reaction, but I'm not

1:27.7

actually so sure. A few points of evidence, the idea of a strategic Bitcoin

1:32.2

reserve already has support of two presidential

1:35.5

candidates including Trump and the US is already 20% of its way to the 1 million

...

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