Bitcoin could halve U.S. debt in 20 years, says Senator Cynthia Lummis
MicroStrategy's CEO Michael Saylor stirred conversation at the DC Blockchain Summit as he declared Bitcoin 'the Manifest Destiny for the United States of America' in a sit-down with Senator Cynthia Lummis.
On March 27, Lummis in a conversation with Michael Saylor stated the need for a Bitcoin strategic Reserve saying, 'We have a strategic oil reserve, we have a strategic gold reserve, we have a strategic cheese reserve. Bitcoin is digital gold.'
Lummis also said during her discussion, 'We were able to convert [mineral wealth] into cash and put it in a fully diversified asset allocation that continues to produce revenue.'
Emphasizing the federal government's monumental debt of $36 trillion, Lummis contended that Bitcoin's scarcity, immutability, and storability render it an optimal long-term asset for the nation's resilience. 'If it is held for 20 years, pursuant to the best modeling available, we can reduce our national debt by half,' she added.
Today, living under the weight of federal debt, Lummis considers Bitcoin a new solution to an ancient problem. She said, 'I've kind of been looking for the Bitcoin strategic reserve my whole life.' The comments provide momentum to the increasing chorus in Washington that digital assets should play an official role in U.S. fiscal and economic strategy.
Saylor's statement released on X within an hour was followed by a 0.11% Bitcoin spike, pushing the asset to $87,273.47. The market cap has increased by 0.09% at press time.
Saylor's endorsement seemed to reverberate through the broader market. The fear and Greed Index soared from neutral 50 to 'Greed' 65, showing a distinct and drastic change in market sentiment.
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