Senator Cynthia Lummis will propose a bill for the U.S. Treasury to purchase 1 million bitcoins

ChainCatcher news, according to The Block, Senator Cynthia Lummis stated that she will introduce a bill next week directing the U.S. Treasury to purchase 1 million bitcoins (worth approximately $69 billion) over the next five years. She indicated that this move is intended to offset the impact of the dollar's depreciation.

She stated that the bill will require the U.S. Treasury to securely hold the bitcoins in "multiple geographic locations." The government will hold these tokens for at least 20 years, unless they are sold to "reduce debt."