Trump ally proposes: Sell part of the Federal Reserve's gold, buy Bitcoin

The U.S. President-elect Donald Trump, with the help of an ally in the U.S. Senate, has devised a plan to fill his proposed strategic Bitcoin reserve without increasing the government deficit by selling off some of the Federal Reserve's gold. Wyoming Republican Senator Cynthia Lummis plans to push for a bill when she takes office in Congress next year. The bill requires the United States to purchase 1 million Bitcoins, accounting for nearly 5% of outstanding tokens. Based on current market prices, this acquisition will cost about $90 billion; however, if this bill is passed and investors act before the government purchases it, the amount needed for acquisition may increase.