{"id":41476,"date":"2025-05-03T12:26:28","date_gmt":"2025-05-03T09:26:28","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=41476"},"modified":"2025-05-03T21:34:02","modified_gmt":"2025-05-03T18:34:02","slug":"lummis-aims-to-wipe-out-36-trillion-us-debt-with-bitcoin-act","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/lummis-aims-to-wipe-out-36-trillion-us-debt-with-bitcoin-act\/","title":{"rendered":"Lummis Aims to Wipe Out $36 Trillion US Debt with BITCOIN Act"},"content":{"rendered":"<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\"><strong>US Senator Cynthia Lummis<\/strong> 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\u2019s value appreciation could erase half of the debt within 20 years. With support from Trump and a Republican-controlled Congress, the bill\u2019s chances of passing are increasing.<\/span><\/span><\/p>\n<blockquote><p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">At Capitol Hill, Lummis stated:<\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201cDefault collapses everything. The system is built on trust. If we fail to pay our debts, trust vanishes.\u201d<\/span><\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">She highlighted the dollar\u2019s fragility:<\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201cHow we price assets matters. But that measure is bending. When it does, prices rise even if real value doesn\u2019t. My advice? Buy real assets or get left behind.\u201d<\/span><\/span><\/p><\/blockquote>\n<blockquote><p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">She outlined three scenarios: total bankruptcy, printing money for hyperinflation, or salvation through crypto and technology. <\/span><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">In January 2025, Treasury Secretary nominee Scott Bessent told a Senate hearing that removing the debt ceiling isn\u2019t simple.<\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201cIf confirmed, I won\u2019t let the US default,\u201d he said, adding he\u2019d follow Trump\u2019s orders if instructed. However, he compared the debt ceiling to a car\u2019s parking brake:<\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201cWithout it, you can still brake, but you lose a feature.\u201d<\/span><\/span><\/p><\/blockquote>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/lummis-aims-to-wipe-out-36-trillion-us-debt-with-bitcoin-act\/#Bitcoin_as_a_Solution_to_the_Debt_Crisis\" title=\"Bitcoin as a Solution to the Debt Crisis\">Bitcoin as a Solution to the Debt Crisis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/lummis-aims-to-wipe-out-36-trillion-us-debt-with-bitcoin-act\/#Bill_Details_and_Economic_Chaos\" title=\"Bill Details and Economic Chaos\">Bill Details and Economic Chaos<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"css-146c3p1 r-bcqeeo r-1ttztb7 r-qvutc0 r-37j5jr r-adyw6z r-135wba7 r-b88u0q\" dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Bitcoin_as_a_Solution_to_the_Debt_Crisis\"><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">Bitcoin as a Solution to the Debt Crisis<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">Lummis champions Bitcoin\u2019s deflationary nature as a way to strengthen the economy.<\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201cIf money printing continues, the dollar will collapse. We\u2019ll see hyperinflation like Zimbabwe or the Weimar Republic. Rent, gas, and food prices will soar while wages stagnate. That\u2019s not the future I want for Americans,\u201d she said.<\/span><\/span><\/p>\n<blockquote><p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">She praised Bitcoin, stating:<\/span><br \/>\n<strong><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201cTechnology boosts productivity and cuts costs. It lets us grow faster than our debt.\u201d<\/span><\/strong><\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">Lummis pointed to artificial intelligence, robotics, and crypto as examples of this shift.<\/span><\/span><strong><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201c<\/span><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">These aren\u2019t trends; they\u2019re tools. They\u2019re the only real weapons we have,<\/span><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201d she said.<\/span><\/span><\/strong><\/p><\/blockquote>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">Meanwhile, Michael Saylor claims the bill could balance $16 trillion in debt. <\/span><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">States like Pennsylvania and Texas are exploring Bitcoin reserves. At the Bitcoin 2025 conference, Lummis will discuss the bill\u2019s impact. The crypto market is debating whether the bill could spark financial innovation.<\/span><\/span><\/p>\n<h2 class=\"css-146c3p1 r-bcqeeo r-1ttztb7 r-qvutc0 r-37j5jr r-adyw6z r-135wba7 r-b88u0q\" dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Bill_Details_and_Economic_Chaos\"><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">Bill Details and Economic Chaos<\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">The bill proposes that the Treasury purchase Bitcoin using <strong>Federal Reserve<\/strong> profits. The<a href=\"https:\/\/coinengineer.net\/blog\/bitcoin-wallet-addresses-2017-levels\/\"><strong> Bitcoin<\/strong><\/a> holdings would be auditable via a transparent blockchain. Senators Jim Justice and Tommy Tuberville support the bill. Trump\u2019s executive order aims for budget-friendly growth of the reserve, while the Treasury grapples with the debt ceiling crisis.\u00a0 <\/span><\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">On April 30, the Treasury Borrowing Advisory Committee warned that the current system creates \u201c<strong>volatility, high costs, and threats to the dollar\u2019s global status<\/strong>.&#8221;<\/span><\/span><\/p>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">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:<\/span><br \/>\n<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">\u201cIt didn\u2019t vanish; it just lost its strength.\u201d <\/span><\/span><\/p>\n<p><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-a8ghvy\">Bessent\u2019s remarks and Lummis\u2019s call for real assets underscore the bill\u2019s urgency.<\/span><\/span><\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s value appreciation could erase half of the debt within 20 years. With support from Trump and a Republican-controlled Congress, the bill\u2019s chances of<\/p>\n","protected":false},"author":36,"featured_media":41479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[61,12563,192,840,58,3026,1730,3752,6526,9425,11017],"class_list":["post-41476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-bitcoin-act","tag-blockchain","tag-crypto-market","tag-cryptocurrency","tag-cynthia-lummis","tag-donald-trump","tag-federal-reserve","tag-financial-innovation","tag-scott-bessent","tag-us-treasury"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lummis Aims to Wipe Out $36 Trillion US Debt with BITCOIN Act - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/lummis-aims-to-wipe-out-36-trillion-us-debt-with-bitcoin-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lummis Aims to Wipe Out $36 Trillion US Debt with BITCOIN Act - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"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\u2019s value appreciation could erase half of the debt within 20 years. 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Lummis argues that Bitcoin\u2019s value appreciation could erase half of the debt within 20 years. 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