“I hope to bring Bitcoin to the national debate in the United States”

By November 14, 2020Bitcoin Business
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Cynthia Lummis, a senator-elect for the state of Wyoming, hopes to make Bitcoin visible in the national debate in the United States. Mainly, because it considers that it is an efficient value protection mechanism that will play an important role in the future.

During an interview on national television, Lummis contrasted the emission mechanisms of Bitcoin and the dollar. For her, cryptocurrency leads fiat money by having a limited supply, while the money issued by the Federal Reserve (Fed) is inflationary.

“Our own currency is inflationary. Bitcoin no. There will only be 21 million bitcoins mined. That’s it. It is a finite supply, ”explained the senator, Wyoming’s first woman elected to that position.

Additionally, the former congresswoman and member of the Republican Party recalled her past as treasurer of her town and her constant search for a good backup asset. “Bitcoin fits that search,” added the senator..

Cynthia Lummis has been a Bitcoin hodler since 2013. Source: Gage Skidmore / flickr.com

Lummis is known in the political arena as the first senator to publicly acknowledge owning bitcoin. As CriptoNoticias reviewed at the time of his election a couple of weeks ago, Lummis introduces himself as a bitcoin hodler and he claims never to have sold since he invested for the first time, in 2013.

On that occasion, Lummis had already referred to the contrast between the cryptocurrency created by Satoshi Nakamoto and the US dollar. Today’s senator praised Bitcoin’s scheduled shortage as her great strength as a safeguard of value.

Already during his time in the Wyoming House of Representatives, Lummis promoted bills that would encourage the development and advances in Bitcoin and blockchain projects. According to his own statements, he will now seek to take this position nationally.

Bitcoin arouses more and more interest

The arrival of this pro-Bitcoin stance to the United States Senate coincides with a growing interest in this technology and cryptocurrency as a safeguard of value in the world.

Just this year, various companies have joined the investment in Bitcoin on behalf of their respective wealth. In particular, with a position like Lummis’s, recognizing in Bitcoin a potential safeguard of value with respect to the devaluation of fiat money.

On that list we find MicroStrategy, whose CEO Michael Saylor has taken the lead as an avid promoter of Bitcoin. In addition to the company’s $ 425 million investment, Saylor has come out in favor of Bitcoin, even in contrast to gold.

Square, the company of Jack Dorsey, founder of Twitter, has also recently invested in Bitcoin. Meanwhile, hedge fund manager Stanley Freeman Druckenmiller has come out on Bitcoin as a trusted safe haven asset.

The arrival of Lummis as a senator seems to add a new voice for the promotion of Bitcoin in the United States. So far, the North American country has not shown interest in changing its monetary issuance mechanisms.

This medium has reviewed how the Fed maintains its monetary impression stance. Even economists at the institution have said that Bitcoin “is not a new type of money” and that its value lies solely in trust. We will see if Lummis achieves a paradigm shift in this regard from the Senate.

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