Senator Cynthia Lummis (R-WY) suggested adding Bitcoin (CRYPTO: BTC) to the U.S. reserves on Sunday, highlighting the transparency and accessibility of the blockchain network
What Happened: Lummis posted her proposal in response to concerns shared by Elon Musk, the lead of the Department of Government Efficiency, over auditing of the U.S.’s gold reserves.
The senator emphasized the ease of auditing Bitcoin reserves, which can be done anytime using a basic computer. “It's time to upgrade our reserves,” the long-standing Bitcoin advocate said.
Musk’s concerns arose after an X user asked him to inspect Fort Knox, a heavily guarded U.S. Army base that houses about 147 million ounces of gold, according to the U. S. Mint website. Musk curiously asked, “Surely it's reviewed at least every year?
A group of journalists and a congressional delegation were allowed to visit the site in 1974 over rumors the gold was removed from the vaults. The vaults were then opened in 2017 during the last Donald Trump administration, with Treasury Secretary Steve Mnuchin visiting along with a congressional delegation.
See Also: Brian Armstrong Wants To Handle Growing Volumes Of Memecoins By Adding DEXes Into Coinbase: ‘A Little Bit Like The Early Days Of The Internet’
Why It Matters: Lummis’ suggestion comes in the wake of Musk’s support for blockchain technology. The Tesla and SpaceX CEO has been vocal about the potential of blockchain to streamline operations and combat “fraudulent” activities within the U.S. Treasury Department.
Musk has also reportedly considered using a blockchain ledger to track spending, secure data, and make payments to support his federal spending plans at the Department of Government Efficiency, also called DOGE.
DOGE is an entity tasked with cutting federal spending and abolishing meaningless regulations.
Image via Shutterstock
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