The Block Crypto News17 minutes ago

Published on August 06, 2024 20:44 GMT+00:00edited on August 06, 2024 20:49 GMT+00:00

Both former President Donald Trump and Wyoming Republican Sen. Cynthia Lummis have proposed plans to have the U.S. government hold bitcoin. As markets slipped on Monday, supporters said the asset could be seen as a buffer to fluctuations, while critics raised concerns over bitcoin's expanded role.

Lummis released a draft bill last week directing the U.S. Treasury to buy one million bitcoin over a period of five years. The government would hold those coins for at least 20 years unless the tokens are sold to decrease the debt, Lummis told The Block.

GOP presidential candidate Trump has also said he would create a national bitcoin reserve if elected president later this year.

Independent presidential candidate Robert F. Kennedy Jr. made similar promises last month at Bitcoin 2024 when he …