Senator Cynthia Lummis spoke about the digital asset in the United States in Bitcoin Magazine. A panel called Bringing Bitcoin Innovation Home to America received the Senator. The panel had both Senator Lummis and Rep. Warren Davidson, who works closely with Lummis. Allan Stevo acted as moderator of the panel.
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Senator Lummis expressed support for Bitcoin and the opportunities it offers the country. She went on to point out that Bitcoin came at the right time and could help prop up the U.S. dollar.
Bitcoin can support the US dollar
Lummis expressed concern about the printing speed of the US dollar. Paper money is constantly being produced with nothing to support it, Senator Lummis said.
Senator Lummis also expressed concern about the massive $ 28 billion debt that had been spent. Fast money printing exposes the dollar to extreme inflationary conditions. According to Warren, this did not reflect the views and values of the United States.
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In relation to this fact, Senator Lummis pointed out; “That is demoralizing. And from my point of view it is anti-American to destroy our currency in this way. “
This obviously resonated with the crowd, as this statement was greeted with applause from those present.
The battle for the US dollar
The US dollar currently has an average inflation rate of 1.4%. Forecasts for this year assume an inflation rate of 4.2% in April. With market forecasts of up to 4.2%.
Obviously, this is a growing concern of lawmakers in the United States. And as such, there is a fight to save the US dollar.
Lummis said that she and her colleagues will continue to fight to save the US dollar. Senator Lummis continued that line, further stating that she was glad Bitcoin had come. Indication that Bitcoin could prop up the US dollar. The asset would help secure paper currencies that would eventually be printed.
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“If we are completely out of joint, Bitcoin can be there,” said Senator Cynthia Lummis. “That will be the standard.”
Senator Cynthia Lummis has always spoken out loudly for her support for Bitcoin. At the beginning of the year, she announced that she was fully involved in Bitcoin. The senator even came out to explain that she had bitcoin holdings. She revealed that she had at least five bitcoins that she held for the long term.
Featured image from Fox Business, chart from TradingView.com
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