Yeliz Akmaca 
US Senator Cynthia Lummis aims to reduce the national debt with the BITCOIN Act, which proposes that the US Treasury Department acquire 1 million Bitcoins within five years. Lummis argues that Bitcoin’s value appreciation could erase half of the debt within 20 years. With support from Trump and a Republican-controlled Congress, the bill’s chances of passing are increasing.
At Capitol Hill, Lummis stated:
“Default collapses everything. The system is built on trust. If we fail to pay our debts, trust vanishes.”
She highlighted the dollar’s fragility:
“How we price assets matters. But that measure is bending. When it does, prices rise even if real value doesn’t. My advice? Buy real assets or get left behind.”
She outlined three scenarios: total bankruptcy, printing money for hyperinflation, or salvation through crypto and technology. In January 2025, Treasury Secretary nominee Scott Bessent told a Senate hearing that removing the debt ceiling isn’t simple.
“If confirmed, I won’t let the US default,” he said, adding he’d follow Trump’s orders if instructed. However, he compared the debt ceiling to a car’s parking brake:
“Without it, you can still brake, but you lose a feature.”
Bitcoin as a Solution to the Debt Crisis
Lummis champions Bitcoin’s deflationary nature as a way to strengthen the economy.
“If money printing continues, the dollar will collapse. We’ll see hyperinflation like Zimbabwe or the Weimar Republic. Rent, gas, and food prices will soar while wages stagnate. That’s not the future I want for Americans,” she said.
She praised Bitcoin, stating:
“Technology boosts productivity and cuts costs. It lets us grow faster than our debt.”
Lummis pointed to artificial intelligence, robotics, and crypto as examples of this shift.
“These aren’t trends; they’re tools. They’re the only real weapons we have,” she said.
Meanwhile, Michael Saylor claims the bill could balance $16 trillion in debt. States like Pennsylvania and Texas are exploring Bitcoin reserves. At the Bitcoin 2025 conference, Lummis will discuss the bill’s impact. The crypto market is debating whether the bill could spark financial innovation.
Bill Details and Economic Chaos
The bill proposes that the Treasury purchase Bitcoin using Federal Reserve profits. The Bitcoin holdings would be auditable via a transparent blockchain. Senators Jim Justice and Tommy Tuberville support the bill. Trump’s executive order aims for budget-friendly growth of the reserve, while the Treasury grapples with the debt ceiling crisis. On April 30, the Treasury Borrowing Advisory Committee warned that the current system creates “volatility, high costs, and threats to the dollar’s global status.”
The Treasury has been depleting cash reserves since February. The Congressional Budget Office predicts borrowing options could run out by August. Lummis cautioned that the dollar could lose power, like the British pound:
“It didn’t vanish; it just lost its strength.”
Bessent’s remarks and Lummis’s call for real assets underscore the bill’s urgency.
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