During a recent appearance on Capitol Hill, Senator Cynthia Lummis, who favors cryptocurrencies, emphasized the critical need to resolve the $36 trillion debt crisis facing the United States, citing Bitcoin (BTC) as the solution.
1 Million Bitcoin To Combat US Debt Crisis
With a clear call to action, Lummis declared, “The BITCOIN Act is the only solution to our nation’s $36T debt.” Her remarks were underscored by the support of President Donald Trump, whom she praised as a “forward-thinking president” willing to act on innovative financial solutions.
The BITCOIN Act proposes that the US government purchase 200,000 BTC annually for five years, ultimately establishing a reserve of 1 million BTC.
Lummis framed this initiative as a necessary alternative to three potential outcomes for the nation: defaulting on its debt, spiraling into hyperinflation, or leveraging BTC and technology to recover. “I’m betting on crypto,” she stated, highlighting Bitcoin’s fixed supply as a means to restore long-term monetary discipline.
Lummis warned that continued money printing could lead to severe inflation, echoing historical economic disasters like those in Zimbabwe and the Weimar Republic. “Everything becomes unaffordable. That’s not a future I want Americans to face,” she lamented.
Her vision for a deflationary alternative hinges on technological advancements, including artificial intelligence (AI) and robotics, which she believes can enhance productivity and reduce costs, allowing the economy to grow faster than its debt.
Bipartisan Momentum In Congress
The BITCOIN Act, initially introduced last summer and reintroduced at the 2025 “Bitcoin for America” Summit, is garnering bipartisan support in Congress.
Congressman Nick Begich is championing a similar version of the bill in the House, emphasizing the need for a fiscal and monetary framework grounded in reliable assets. “Americans deserve a foundation built on discipline, structure, and confidence,” he tweeted, underscoring BTC’s potential to meet those needs.
Earlier this year, President Trump signed an executive order establishing a federal Bitcoin reserve, utilizing BTC acquired through forfeitures to create an estimated 200,000 BTC stockpile at no cost to taxpayers.
Executive Director Bo Hines confirmed that this reserve would be expanded using “budget-neutral ways” that wouldn’t burden taxpayers, potentially through tariff revenues.
Despite this executive action, Lummis argues that legislative measures are crucial to ensure a sustainable national Bitcoin strategy. The BITCOIN Act would provide a legal framework for accumulating Bitcoin reserves and solidify the US position as a leader in cryptocurrency.
According to asset manager VanEck, following this roadmap could potentially offset up to $21 trillion of national debt by 2049. Lummis concluded her address with a stark warning about the future of the dollar, likening its decline to the fate of the British pound. “It didn’t vanish. It just lost power,” she said, urging Americans to invest in real assets or risk being left behind.
Featured image from DALL-E, chart from TradingView.com
