Bitcoin has its back covered by this American senator who believes in the potential of the crypto to bring good things to the U.S. financial sector and economy in general.
Senator Cynthia Lummis may be the most prominent champion for the crypto sector in Congress. Her strong support for the cryptocurrency industry distinguishes her from her counterparts.
During an interview on Hard Money with investigative journalist Natalie Brunell on Wednesday, Lummis did not mince words and said Bitcoin “can’t be stopped,” after Brunell pointed out that many still don’t understand how the crypto works and how it is actually a “powerful tool” in changing people’s lives.
“I love that it can’t be stopped, especially because I’m concerned about our national debt, I’m concerned 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 sustain its value independently of the U.S. currency or the global economy, is enticing.
Wyoming’s Republican senator has an impressive resume in cryptocurrency and topics such as privacy rights, and she also has a large quantity of BTC.
The lawmaker has been one of the most prominent Bitcoin advocates lobbying for the sector’s adoption. Lummis submitted a bill that would require the U.S. government to treat distributed ledger technology as a growing breakthrough on par with artificial intelligence and biotechnology, among other initiatives.
Lummis, Other Senators Team Up For Crypto
“As people learn more about Bitcoin and become comfortable and familiar with an asset that is online they’ll begin to see it as … behind them and they’ll have it for their long-term savings and long-term future,” the senator said.
Lummis is collaborating with Arizona Sen. Kyrsten Sinema (D), co-founder of the Financial Innovation Caucus, and other lawmakers on a proposed measure, and she expects to attract other legislators by 2023 when she proposes portions of the plan to Congress.
Lummis first purchased Bitcoin in 2013 for approximately $320. She stated at the time that she had “never sold” her cryptocurrency, the value of which approached $70,000 earlier this year. Since then, she has not changed her perspective on Bitcoin as an asset class.
Senator’s Top Priority: Crypto Education
According to public documents, Lummis possesses between $100,000 and $350,000 in BTC, and she recently acquired more this summer.
Meanwhile, the senator disclosed that education is her top crypto priority now. While there is a need for legislation that offers a clear legal framework, the biggest barrier may be educating lawmakers about Bitcoin and how the asset class and its underlying technology might help transform the current financial system.
BTCUSD pair trading at $19,370 on the daily chart | Source: TradingView.com Featured image from Finbold, Chart: TradingView.com