U.S. Senator Cynthia Lummis believes that by buying shares bitcoin ETF , the UAE has joined the cryptocurrency “arms” race.
On February 14, the UAE's state-owned sovereign wealth fund holding company, Mubadala Investment Company, filed a report with the U.S. Securities and Exchange Commission stating that it expects to raise $2024 billion in the fourth quarter of XNUMX. has acquired iShares shares Bitcoin Trust (IBIT) worth $436,9 million. Thus, the UAE authorities invested in the BTC-based fund through a government-owned firm.
"I told you the arms race was already underway. It's time for America to win it," Lummis said.
Cynthia Lummis
To ensure the US wins against Russia, the UAE, China and other countries competing in the cryptocurrency space, Cynthia calls on US lawmakers to pass regulations that encourage innovation and improve the country's financial security.
In particular, she proposed buying 200,000 bitcoins worth $19,5 billion at the current rate using budget funds and transferring the coins to the national reserve fund. In her opinion, investments in cryptocurrency will help stabilize the dollar exchange rate, increase its attractiveness in the international arena and thereby strengthen the US economy.
This asset [ Bitcoin ] is transforming not only our country, but the entire world. The United States must be a global leader, as President Trump has said, Lummis said.
