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Senator Proposes Gold Revaluation To Fund Bitcoin Purchases

26/12/2024 03:46

According to Odaily, U.S. Senator Cynthia Lummis has proposed a plan to fund Bitcoin purchases by leveraging the United States' substantial gold reserves. These reserves date back to when the dollar was linked to precious metals, allowing holders to exchange dollars for gold at a fixed rate. Although the dollar has not been convertible to gold since the early 1970s, the U.S. Treasury and Federal Reserve still hold approximately 8,100 metric tons of gold. This gold is currently valued by the government at $42 per ounce, significantly lower than the current market price of $2,650 per ounce. Lummis suggests that the Treasury should revalue the gold at current market prices and use the resulting paper profits to fund Bitcoin purchases without raising taxes or issuing new debt. However, critics argue that this approach is not without cost. It would require the Federal Reserve to cover the difference between the Treasury's gold certificates and the new valuation through a combination of money printing and asset sales. Monetary economist George Selgin has criticized the proposal, describing it as a "backdoor loan" by the U.S. government. He argues that it bypasses the regular appropriations process and obscures the truth to avoid new debt. Selgin remarked, "What better way to gain public support than by convincing people that this plan won't cost a dime?"

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