U.S. Senator Cynthia Lummis said in an interview that she is all-in on Bitcoin. The interview took place during the Bitcoin conference beginning in Miami. Lummis is the first woman elected as a Wyoming senator. The senator thinks Bitcoin is a good way to protect against inflation.
Dollar inflation rate
The inflation rate of the US dollar is currently about 2% per annum. Many say that over the years, most likely, the rate will continue to increase. This has led people to look for alternative ways to protect their money. From its pure construction, Bitcoin is not subject to inflation, as the entire amount of Bitcoin is limited to 21 million coins. This makes Bitcoin a great store of value.
Nevertheless, the extreme volatility of the coin still worries many people. Price manipulation is also a big issue with Bitcoin, as the recent swings related to Elon Musk’s tweets have shown. But many think, including Senator Lummis, that Bitcoin is a great and promising store of value in the long term and that you can protect yourself from the devaluation of fiat currencies by buying Bitcoin.
Efforts to promote Bitcoin
The Wyoming senator explained that Bitcoin is a legitimate alternative means of storing and exchanging value. She further added that it would serve as a kind of check for the devaluation of fiat currencies. Lummis, who has only been in office for about six months, has always been Bitcoin-friendly. Consequently, the senator announced the launch of the Financial Innovation Caucus. She founded it together with Senator Kyrsten Sinema.
The Financial Innovation Caucus is designed to promote responsible innovation in the US financial system. This will help make financial markets all-encompassing, safe and prosperous for Americans. Senator Lummis also raised that she had been in discussions with the Biden administration regarding Bitcoin. She said the conversations had been encouraging and productive.
Discussions were held with representatives of the authorities responsible for regulating digital currencies.
“Additionally, I’ve had a number of productive and encouraging conversations with the Biden administration’s appointees at the key agencies that regulate digital assets like Bitcoin. This area is new and unexplored, and my team is working with you as you work to integrate digital assets into the American financial system“.
Regarding regulation, Senator Lummis stressed:
“I am primarily focused on working with the Federal Reserve, the Securities and Exchange Commission, and others to ensure that all regulations for new types of banks and digital assets encourage innovation rather than stifle it.“
Text credit: bitcoinist