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

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 effects of a depreciating dollar. “Bitcoin is a great store of value. It’s been growing at an average annual rate of about 55% over the last four years or so. Over the same period, the dollar has depreciated and we’ve seen an increase in inflation,” said Senator Loomis. Loomis has long been a supporter of Bitcoin, having reportedly bought her first bitcoin in 2013, and has been at the forefront of pushing for cryptocurrency legislation. (The block)