Bitcoin Bailout
This article, written by Catherine Austin Fitts, president of Solari, Inc., was first published by Solari in December 2024. Since its publication, President Trump has, as this article predicted, ordered the creation of the “Strategic Bitcoin Reserve.” Soon after, on March 11, GOP Senator Cynthia Lummis of Wyoming reintroduced a bill (first introduced in 2024) to codify the president’s executive order by authorizing the purchase of one million Bitcoins over five years. The legislation instructs the Federal Reserve to be in charge of the purchases, according to The Hill:
The funds for the bitcoin purchases would come from “diversifying existing funds” in the Federal Reserve system, according to a press release.
The first $6 billion in remittances from reserve banks would be set aside each year between 2025 and 2029 to build up the reserve. It would also rely on the Fed’s gold certificates.
“Bitcoin is not simply a technological opportunity, but a national imperative for America’s continued financial leadership in the 21st century,” Lummis said in a statement.
“By transforming the president’s visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy,” she continued.
In other words, Trump and his supporters in Congress want to use the Federal Reserve, including the Fed’s gold stockpiles, to buy Bitcoin for the U.S. government. The reasons this is a bad idea are described in Catherine Austin Fitts’ prescient article.
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