Senator Loomis says Trump supports her Bitcoin bill to eliminate U.S. debt

In a powerful address on Capitol Hill today, Senator Cynthia Lummis made a clear position: America is outdated and out of traditional choice. “The Bitcoin Act is the only solution to our country’s 36T debt,” she said, referring to her support for President Donald Trump’s initiative. “I thank a forward-looking president who not only acknowledges this but also takes action on it.”

If enacted as a law, the Bitcoin Act would purchase 200,000 bitcoins per year over five years, creating a reserve of 1,000,000 BTC for at least two decades.

Lummis provides the United States with three paths: collapse by default, spirals form excessive inflation, or climb using bitcoin and technology. Her money is in cryptocurrency. She believes that the fixed supply of Bitcoin can restore the long-term monetary discipline. “The system is built on trust. If we don’t repay what we owe, then trust will go away,” she said. “We hit something worse than the Great Depression.”

She warned that inflation would destroy Americans if currency printing continues. “We are talking about Zimbabwe, Weimar Republic level,” Loomis said. “Everything has become unbearable. That’s not the future I want Americans to face.”

Lummis provides an alternative to deflation. “Technology improves productivity and cuts costs. It has room for our debt to grow faster than ours,” she explained. She points to AI, robots and cryptocurrencies as tools reverse the tools needed for the economy. “They are the only real weapons we have.”

The Bitcoin bill was first introduced last summer and was reintroduced at the 2025 “Bitcoin in the United States” summit, with increasing support from both the House and the Senate.

Congressman Nick Begich leads the House charges. His version of the bill reflects Lummis’ Senate proposal and signals more and more about Chambers in Bitcoin policy. “Americans should have fiscal and monetary foundations built on assets that represent discipline, structure and confidence,” he tweeted today. “Bitcoin offers all three, and I’m proud to lead this effort in the house through the Bitcoin Act.”

President Trump has signed an executive order earlier this year to establish a federal Bitcoin reserve, using BTC that was seized by confiscation to build up about 200,000 BTC stocks, leaving taxpayers with nothing. Executive Director Bo Hines confirmed that the reserve will use a “budget-neutral approach to not letting taxpayers lose one cent a cent” increase, including tariff revenue.

While Trump’s executive order marks that the United States is the world’s largest sovereign Bitcoin holder, it could be overturned by future governments. That’s why Loomis insists on legislation (not just execution actions) is crucial to locking in the long-term national Bitcoin strategy. Lummis’s Bitcoin bill will consolidate the program’s laws and ensure that the country accumulates more.

Asset manager Vaneck estimates that if the U.S. follows this roadmap, Bitcoin reserves could offset the highest $21 trillion in national debt in 2049.

Lummis warned the fate of the dollar and closed it. “It’s not gone. It’s just losing power,” she said, comparing it to the pound. “Buying real assets may be behind.”