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News

Senator Cynthia Lummis Gives New Hope to Bitcoin If Trump Wins

August 3, 2024 - Around 2 mins mins to read

Key Points:

  • Senator Cynthia Lummis says Trump’s win could be touch favourable for Bitcoin and advises less regulation.
  • Lummis aims to accrue 1 million Bitcoins in five years, starting at 200,000.
  • Trump Embraces Donations in Cryptocurrencies as Sneakers Are Unveiled with.
U.S. Senator Cynthia Lummis, in an interview, said that a potential win by Republican presidential candidate Donald Trump in the November election could make the earth shake for Bitcoin.
Senator Cynthia Lummis Gives New Hope to Bitcoin If Trump Wins

Read more: Trump Limited Edition Sneakers Now Available For Bitcoin Payments

Senator Cynthia Lummis: Trump Win Could Boost Bitcoin

Senator Cynthia Lummis stressed that once, and when, the Trump Administration does come, innovation should be fostered without over-regulation.

Previously, Lummis was working on a bill for a Bitcoin reserve with the goal of accumulating 1 million Bitcoins in a five-year period from the current 200,000 owned. The legislation, which was revealed at Bitcoin 2024, had gold certificates exchanged at face value to buy Bitcoin and increase their reserves, including gold and Bitcoin.

The next couple of months are defining for this bold initiative. Lummis envisions Bitcoin’s future as a central reserve asset for the United States, much like gold does.

Independent candidate Robert F. Kennedy Jr., who also spoke at the Bitcoin 2024 conference, pledged to mandate that the US Treasury purchase 500 Bitcoins daily to reach a goal of 4 million Bitcoins that would help cement America’s place in the world.

Trump Crypto Campaign and NFT Sneaker Launch

The former president, now Republican candidate Donald Trump, did not keep the crypto ambitions quiet, revealing it was opening a “crypto army” and would start accepting a host of different cryptocurrencies for campaign donations. Among these are Bitcoin, Ether, Solana, Dogecoin, and Shiba Inu.

Moreover, Trump released a line of Bitcoin-themed sneakers and listed them on eBay for $2.500 per pair. The earlier sets of NFTs that Trump launched prepared the ground very well for the new launch, and what can be noted is that the premium NFT sneakers sold out pretty fast; the lower price variants are still on sale.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Senator Cynthia Lummis speaking

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.