Proposal of $2T Bit Bonds to buy Bitcoin by the CEO of Newmarket Capital, Andrew Hohns. He made a proposal of $2T Bit Bonds to buy Bitcoin on March 12 during the Bitcoin Policy Institute meeting. As it would definitely diversify reserves and strengthen the country’s performance in the digital Economy, thereby making Bitcoin bullish. The main plan is to massively purchase Bitcoin worth $2 billion with this fund. With the Reserve, there could be hope of stability as the world is becoming rapidly centered in digital currency.
Andrew Hohns debated that the new birth move will accomplish two main targets. Firstly, giving U.S. the privilege to capitalize on Bitcoin’s potential as a long-term store of value. Secondly, it will show USA’s willingness and dedication to be at the forefront of technological innovation and digital finance worldwide.
CEO of Newmarket Capital Andrew Hohns, suggests that the government should issue a total of $2 trillion Bit Bonds. 90% for government purchase, 10% of the proceeds for buying Bitcoin(i.e. for every $100, about $10 goes for BTC). He said, “If it’s a $2 trillion issuance right off the bat, that would mean $200 billion worth of Bitcoin if purchased at $90,000 per BTC. That’s 2.22 million Bitcoin. Of course, the price will fluctuate, and likely we’ll acquire a different amount than that.” While delivering his presentation at the Policy Institute.
The U.S.A. is sitting on a $31 trillion national debt, according to recent research. The issuance of the $2 Trillion BitBond would be challenging. Nevertheless, it can also be used to settle debts and bring financial stability in the long run.
More Support on the Reserve
Nick Begich, U.S. congressman, also introduced the legislation in the meeting with a plan to create a Strategic Bitcoin Reserve for the U.S. The proposal says that the government should purchase 1 million BTC for five years to strengthen U.S. financial stability and secure Bitcoin as a long-term asset.
This will be the country’s way of creating a hedge against inflation and diversifying U.S. financial reserves.
