Editor's PiCK
Cynthia Lummis: "The US should sell gold and buy Bitcoin... No tax involved"
Summary
- Senator Cynthia Lummis argued that the US government should sell its gold reserves and purchase Bitcoin.
- Lummis explained that using the re-evaluated gold price would allow for the purchase of Bitcoin without any tax.
- She stated that converting the book value of the US gold reserves to the current market price increases its value to $780 billion.
Cynthia Lummis, a US Senator with a pro-cryptocurrency stance, has argued that the US government should sell its gold reserves and purchase Bitcoin (BTC).
According to Watcher Guru, a cryptocurrency-focused media outlet, Senator Lummis participated in the 'New York Bitcoin Investor Week' and stated, "The gold held by the US government is recorded on the books at the 1974 price," adding, "It should be re-evaluated at the current market price and used to purchase Bitcoin."
Lummis emphasized, "If we apply this method, we can purchase 200,000 Bitcoins annually for five years," and highlighted, "Not a single dollar of taxpayer money would be used." She explained that re-evaluating the gold alone would provide sufficient funds to purchase Bitcoin.
Meanwhile, the 8,133 tons of gold held by the US have been recorded at a book value of $42.22 per ounce since 1973. When converted to the current market price, the total value surges 70 times to $780 billion.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
