Two hundred years ago, the United States bought a large piece of land from France in a deal called the Louisiana Purchase for about $15 million. This land, about 2 million square kilometers, nearly doubled the size of the country. To give you an idea, the US is now three times bigger than India.
Now, US Senator Cynthia Lummis, the first senator to own cryptocurrency, is proposing that the US should create a national Bitcoin reserve to secure its financial future and stay ahead in global finance. She compares this idea to the Louisiana Purchase in terms of its boldness and potential impact.
Lummis has been a strong supporter of cryptocurrency for a long time, and now she has more political support, including from former President Donald Trump. Even some Democrats, who were tough on crypto under President Biden, are starting to ease their stance.
The cryptocurrency industry has donated a record $119 million to political campaigns this year. Most of this money comes from a Coinbase-backed group called Fairshake, and it makes up nearly half of all political donations in the current cycle.
The industry is supporting candidates from both parties who share their vision for more innovation-friendly regulations. This shows how important crypto is becoming as an economic force and a driver of technological progress.
It also reflects the industry’s desire to change its image from one associated with breaking rules to being a key player in shaping the future of finance.
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