Senator Cynthia Lummis, of Wyoming, will introduce a bill to direct the U.S. Treasury to purchase 1 million bitcoins — worth about $68 billion at current prices — over a period of five years next week, she said in an interview with The Block. The move is made to counter the effects of dollar debasement, she said.

“Bitcoin is a great store of value. Over the last four years or so it has increased about 55% per year. During the same period, the U.S. dollar has declined in value and we’ve seen increasing inflation,” Sen Lummis said.

“So it would be of value, in my opinion, to have a hard asset that backs the U.S. dollar and that grows in value instead of declines in value,” the Senator added.

Lummis has been a long-time supporter of bitcoin — reportedly buying her first tokens in 2013 — …