- Senator-elect Cynthia Lummis informed the What Bitcoin Did podcast that bitcoin is a greater retailer of worth than paper cash and she or he plans to show Congress find out how to use it to cut back the nationwide debt when she assumes workplace in January.
- “If we attain the purpose the place we’ve overspent a lot that issues begin crashing down, the black swan occasion happens with any regard to any fiat foreign money…there’s a backstop obtainable to each authorities on this planet and that backstop is bitcoin,” Lummis mentioned.
- The senator-elect additionally mentioned that bitcoin is a greater retailer of worth than paper cash as a result of the cryptocurrency’s provide is finite.
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Senator-elect Cynthia Lummis plans to broaden the coversation in Congress round bitcoin when she assumes workplace in January.
On an episode of the What Bitcoin Did podcast on Monday, the Wyoming Republican mentioned bitcoin is a good retailer of worth and may also help deal with one among her largest concerns-the US nationwide debt.
Lummis mentioned the US must develop a plan to retire the debt, and likewise must develop an “various path” in case that fails.
“I see the choice half as bitcoin, as a result of you’ve got the flexibility to put money into one thing that has stability within the retailer of worth,” Lummis mentioned.
The senator-elect mentioned that bitcoin is a greater retailer of worth than paper cash as a result of its provide is finite. At the moment there are solely 21 million bitcoins that may be mined in complete.
“Within the case of U.S. foreign money, inflation is baked into the Federal Reserve’s plan for the U.S. greenback. So it is no surprise that our purchasing energy is eroded,” Lummis mentioned. People who find themselves residing off their financial savings in retirement have continually eroding shopping for energy due to inflation, she added.
“That won’t be the case with bitcoin. Bitcoin offers a extra steady worth to people who find themselves both saving now to dwell comfortably sooner or later but additionally people who find themselves on mounted revenue or approaching mounted revenue now,” the senator-elect mentioned.
Lummis added that she desires to make use of her time as an elected official to introduce the subject of bitcoin to her colleagues in Congress and develop a path for the cryptocurrency to develop alongside fiat cash, as a result of she sees it as an amazing retailer of worth and a “stabilizing mechanism for worldwide exchanges.”
“It is type of one thing that frees governments as much as say, there’s a backstop,” mentioned Lummis. “If we attain the purpose the place we’ve overspent a lot that issues begin crashing down, the black swan occasion happens with any regard to any fiat foreign money…there’s a backstop obtainable to each authorities on this planet and that backstop is bitcoin.”
The value of bitcoin is approaching report highs, and is at present priced at $19,363. However Lummis is not planning on promoting her bitcoin any time quickly.
“I’m a HODLer,” she admitted.
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