Bitcoin In US Senate, Republican Senator Says Bitcoin Can Act as a Store of Value

By Prashant Jha
December 15, 2020 Updated December 15, 2020
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Cynthia Lummis, the incoming Republican Senator recently appeared on the popular Bitcoin podcast called “What Bitcoin Did.”  Senator Lummis is a big-time bitcoin proponent and many believe she would act as a medium to bring more positivity towards bitcoin in US Senate.

Senate Lummins who identifies herself as Libertarian believes that Bitcoin would turn out to be a ‘backstop’ for nations in times when everything else comes crashing down. She explained,

If we reach the point where we have overspent so much, that things start crashing down, the black swan event occurs… there is a backstop available to every government in the world, and that backstop is Bitcoin.”

The Wyoming Republican senator sounded well informed and aware of the basics of bitcoin and how it functions including mining and the limited supply. She believes that bitcoin can work alongside the Fiat currency and act as a store of value than fiat. She explained,

“Bitcoin can function alongside a fiat currency and adjunct store of value; in fact, a better store of value than a fiat currency,”

Senator Lummis is a Bitcoiner

Unlike many other politicians and senators who promised to bring cryptocurrency into the mainstream discussion, Lummis herself is a true Bitcoiner who revealed that she has been hodling bitcoin ever since she has been introduced to it. Lummis belive that Bitcoin is a true ‘store-of-value’ and governments must understand its potential to stay ahead of the curve in the coming years.

Lummis was also among the selected few politicians to oppose the recently introduced STABLEAct proposed by Congresswoman Rashida Talib. She made it clear that the current provision in the act makes it a regulatory capture against the free market.

Senator Lummis also shed light on the issues associated with Fed-issued money as inflation is baked into the Federal Reserve’s plan, and the continuous printing of the notes led to deteriorating of buying power of the US Dollar. She explained,

“In the case of US currency, inflation is baked into the Federal Reserve’s plan for the US dollar. So it’s no wonder that our buying power is eroded,”

Senator Lummis promised that she would spend most of her time educating her colleagues on why Bitcoin is the future and why their government needs to work towards an inclusive regulatory policy.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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