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Position of power: Senator elect Cynthia Lummis believes bitcoin is the answer if traditional finance fails

Position of power: Senator elect Cynthia Lummis believes bitcoin is the answer if traditional finance fails

Quick Take

1 minute read

  • After a hectic year all round, the global economy has been through the rough patch due to COVID-19 and the pandemic that took over the world. 
  • Many people are wondering what will happen next and some are looking for alternatives to the global reserve currency.

After a hectic year all round, the global economy has been through the rough patch due to COVID-19 and the pandemic that took over the world. Many people are wondering what will happen next and some are looking for alternatives to the global reserve currency. Rather than dollar the dollar, some are looking to bitcoin and according to Cynthia Lummis, the United States Senator-elect, bitcoin is going to come vital in the future.

Speaking to Peter McCormack in a recent podcast, Cynthia said:

“Increase the understanding in the Senate about Bitcoin, what it is, what it does, how it can be an asset that can grow and develop as an adjunct, so basically alongside our fiat currency, and that it should be allowed a clear path and avenue — an interstate highway in fact — to grow and develop alongside our fiat currency.”

Unless you’ve been living under a rock for the past few months, the coronavirus pandemic took over the world back in March and as a result, the economy has suffered massively. Businesses have had to close and here in the UK, businesses are still trying to get back on their feet.

Born and bred in Wyoming, Cynthia said that further awareness around bitcoin to authorities in the United States could really help the world and the industry.

She went on to say:

“I know that there is no strategy, no plan, for the United States to begin to retire its debt… When I entered Congress in January of 2009, we had just turned over to $10 trillion from $9 trillion in debt.”

The dollar and its framework is arguably not suited to be a reserve currency as it inherently includes inflation and as a result, the valuation is more than likely inevitable. The senator elect owns the leading cryptocurrency herself saying that she has held the assets but never sold any.

With someone like Cynthia in such a position of power in the government, it will be interesting to see how this goes in January.

For more news on this and other crypto updates, keep it with CryptoDaily!

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