U.S. Gold Might Fund Bitcoin Purchase, Says Analyst: Lummis Invoice in Focus

• Gold reserves inadequate to resolve U.S. debt points.
• U.S. gold reserves replicate a achieve of about $629.1 billion.
• Senator Cynthia Lummis has formally launched the Bitcoin Strategic Reserve Invoice.

Bloomberg analysis analyst James Seyffart means that the present worth of the U.S. gold reserve wouldn’t considerably impression the nation’s debt state of affairs. Nevertheless, he believes it may fund the acquisition of Bitcoin, assuming Congress passes the Senator Lummis Bitcoin Reserve Invoice.

Seyffart highlighted a side of the invoice the place the senator referenced the U.S. authorities’s gold reserve worth. The main points present that the U.S. at present values its gold at $42.22 per ounce, as set by a 1973 legislation. Nevertheless, the present market value of gold is $2,447 per ounce, presenting a major distinction.

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