Wyoming Senator Cynthia Lummis is advocating for the U.S. Treasury Department to convert a portion of its gold reserves into Bitcoin to establish a strategic reserve. Lummis expressed that converting gold certificates would keep the government’s balance sheet neutral compared to directly purchasing Bitcoin at current prices, which could cost around $90 billion. She previously introduced a bill aiming to acquire 1 million BTC, approximately 5% of the total supply, to be held for 20 years. This initiative comes amid concerns over inflation and rising national debt. Investor Anthony Pompliano noted that the debt increased by $850 billion in a short period and suggested that investing equivalent amounts in Bitcoin would be a strategic move. Galaxy Digital's CEO Mike Novogratz posited that if the reserve is established under a Trump administration, Bitcoin prices could skyrocket to $500,000 per BTC.

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