Sen. Cynthia Lummis (R-Wyo.) announced the Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act after proposing to pay down the national debt with a strategic Bitcoin reserve. She introduced the BITCOIN Act in a news release on July 31, 2024.
According to the July 31 news release, the BITCOIN Act creates a strategic Bitcoin reserve that will be available to bolster the country’s balance sheet. "As families across Wyoming struggle to keep up with soaring inflation rates and our national debt reaches new and unprecedented heights, it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve. Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier," said Lummis.
The country’s national debt hit a milestone on Aug. 1, reaching $35,104,770,649,301.03, according to an Aug. 1 news report from Fox Business. That figure represents an increase of $61.6 billion since July 31. Fox Business reports that within the next decade, the national debt is projected to reach $54 trillion.
To provide context, by September 2022, President Joe Biden had approved $4.8 trillion in borrowing, including $1.85 trillion for the American Rescue Plan and $370 billion for the bipartisan infrastructure bill. In comparison, former President Trump had approved $2.5 trillion by the same point in his presidency but approved $7.5 trillion during his entire tenure.
According to the Treasury Department’s web page focusing on the national debt, it comprises marketable or nonmarketable securities; some of this debt is held by the public while another portion is intragovernmental debt held by various government entities. The national debt allows the federal government to fund programs and services despite its striking amount; historically, the United States has carried debt since its inception—$75 million borrowed primarily from domestic investors and France for war materials.
Lummis was elected to the US House in 2008 and sworn into the US Senate on Jan. 3, 2021. Before joining Congress, she served as Wyoming State Treasurer for eight years and spent 14 years as a state legislator in both the state House of Representatives and Senate.
