Wyoming Senator Cynthia Loomis will introduce a bill next week that would require the U.S. Treasury to purchase 1 million bitcoins over five years, worth about $68 billion at current prices. She told The Block that the move is intended to counter the effects of a depreciating dollar.
“Bitcoin is a great store of value. It’s been growing at an average annual rate of about 55% over the last four years or so. Over the same period, the dollar has depreciated and we’ve seen an increase in inflation,” said Senator Loomis.
Loomis has long been a supporter of Bitcoin, having reportedly bought her first bitcoin in 2013, and has been at the forefront of pushing for cryptocurrency legislation. (The block)