MSNBC's Hayes: Proposed Bill Could Transfer $100B From Taxpayers To Bitcoin Owners

On a recent episode of MSNBC’s All In, host Chris Hayes said that a Senate bill could potentially result in a $100 billion transfer from taxpayers to Bitcoin owners.

What Happened: The bill, proposed by Sen. Cynthia Lummis (R-Wyo.), calls for the U.S. Treasury to acquire one million Bitcoins over a span of five years, with a holding period of at least 20 years.

Given the current Bitcoin trading price of $100,000, this acquisition would amount to $100 billion.

Hayes drew attention to the fact that Republican lawmakers have received substantial campaign contributions from cryptocurrency advocates, who are now looking to reap the benefits of their investment.

"They want a bailout – implicit or explicit – if the house of cards crashes down. To that end, after Republicans took back the Senate with the help of money from the crypto industry, they now have a plan to return the favor. And I want you to listen because no one is really talking about this, but the elements of the plot are just there in plain sight," he said during the show.

This comes despite President-elect Donald Trump‘s previous skepticism towards cryptocurrency, which he seems to have recently overcome.

Also Read: Trump Aims To Make US ‘Crypto Capital Of The Planet’: ‘We’ll Get It Done’

Hayes underscored the instability of cryptocurrency and highlighted the liquidity problems often faced by large-scale crypto holders. He criticized the proposed bill as a taxpayer-funded bailout for the crypto industry.

Hayes also mentioned David Sacks, who was named White House AI and crypto czar by Trump, as a significant holder of the asset. Hayes suggested that Sacks could play a crucial role in advancing the bill.

According to Hayes, the proposed Bitcoin Act would permit the government to sell a portion of its gold reserves to finance the Bitcoin purchase, which could potentially trigger a substantial increase in Bitcoin’s market value.

Why It Matters: This proposed bill, if passed, could significantly alter the landscape of cryptocurrency and its relationship with the government.

It could potentially set a precedent for future legislation regarding cryptocurrencies, and could influence the way these digital assets are perceived and utilized. Furthermore, the potential sale of gold reserves could have a significant impact on the gold market and the overall economy.

The bill’s outcome could have far-reaching implications, making it a matter of national interest.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.