Senator Loomis to Introduce Bill That Would Require U.S. Treasury to Purchase 1 Million Bitcoins

Odaily News Wyoming Senator Cynthia Loomis will introduce a bill next week that would require the U.S. Treasury to purchase 1 million bitcoins over five years, worth about $68 billion at current prices. She told The Block that the move is intended to counter the impact of a depreciating dollar. Bitcoin is a great store of value. Over the last four years or so, its been growing at an average annual rate of about 55%. During the same period, the dollar has depreciated and weve seen increased inflation, said Senator Loomis. Loomis has long been a supporter of Bitcoin, having reportedly made her first bitcoin purchase in 2013, and has been at the forefront of pushing for cryptocurrency legislation. (The block)