Senator Cynthia Lummis' plan to buy one million Bitcoins has met with remarkable market indifference.

Despite the unprecedented scale of the proposal, Bitcoin's price has been lackluster. This lack of reaction speaks volumes about investor skepticism.

Senator Lummis' proposal would make the U.S. one of Bitcoin's largest holders.

The plan calls for buying 200,000 Bitcoin annually for five years, with a 20-year minimum hold requirement.

This would put the government alongside private entities like Michael Saylor's Strategy, which already holds nearly 500,000 Bitcoin worth about $42 billion at current prices.

The market's lackluster reaction is especially instructive. Investors...