Bitcoin Is ‘Comforting’ And ‘Can’t Be Stopped,’ U.S. Senator Says

Bitcoin has his back covered by this US senator who believes in the potential of crypto to bring good things to the financial sector and the US economy in general.

Senator Cynthia Lummis may be the crypto sector’s most prominent champion in Congress. Its strong support for the cryptocurrency industry sets it apart from its peers.

During a Hard Money interview with investigative reporter Natalie Brunell on Wednesday, Lummis didn’t mince words, saying that Bitcoin “can’t be stopped,” after Brunell pointed out that many still don’t understand how crypto works and how it really is a “powerful tool” to change people’s lives.

“I love that it can’t be stopped, especially because I’m worried about our national debt, I’m worried about inflation… We see things that are inflationary… It’s actually comforting to know that Bitcoin is there,” the senator said. .

Bitcoin: An attractive hedge against inflation

Lummis stated in 2021 that the concept of Bitcoin as an inflation hedge, an asset that can maintain its value regardless of the US currency or the global economy, is attractive.

The Republican senator from Wyoming has an impressive resume in cryptocurrency and issues like privacy rights, and she also has a large amount of BTC.

The lawmaker has been one of Bitcoin’s most prominent advocates in pushing for industry adoption. Lummis introduced a bill that would require the U.S. government to treat distributed ledger technology as a growing advance on par with artificial intelligence and biotechnology, among other initiatives.

Lummis, other senators join for Crypto

“As people learn more about Bitcoin and become familiar and comfortable with an online asset, they will begin to see it as … behind them and have it for their long-term savings and their future in long term,” the senator. said

Lummis is working with Arizona Sen. Kyrsten Sinema (D), co-founder of the Financial Innovation Caucus, and other lawmakers on a proposed measure, and hopes to attract other lawmakers in 2023 when he proposes parts of the plan to Congress.

Lummis first bought Bitcoin in 2013 for about $320. At the time, he declared that he had “never sold” his cryptocurrency, which was worth close to $70,000 earlier this year. Since then, he has not changed his perspective on Bitcoin as an asset class.

The senator’s top priority: Crypto education

According to public documents, Lummis owns between $100,000 and $350,000 in BTC, and recently acquired more this summer.

Meanwhile, the senator revealed that education is now his top crypto priority. While legislation that provides a clear legal framework is needed, the biggest barrier may be educating lawmakers about Bitcoin and how the asset class and its underlying technology can help transform today’s financial system.

BTCUSD pair trading at $19,370 on the daily chart | Source:

Featured image from Finbold, Chart:

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *