Senator Cynthia Lummis (R-WY) has asserted that incorporating Bitcoin into the US monetary system can strengthen the US greenback and assist it keep its international dominance.
She made the assertion throughout a Fox Enterprise interview on July 12, the place she outlined her imaginative and prescient for a financially sovereign America and advocated for Bitcoin as a reserve asset. She stated:
“Having Bitcoin in reserve may also help the US greenback stay robust.”
Professional-Bitcoin agenda
Lummis reaffirmed her agenda in a subsequent social media submit, which incorporates rejecting retail Central Financial institution Digital Currencies (CBDCs), advocating for clear protections for self-custody Bitcoin wallets, and restoring the greenback’s dominance for the twenty first century.
She expressed satisfaction with the Federal Reserve’s choice to not pursue a CBDC as such expertise can turn out to be a possible device for presidency surveillance of Americans.
Lummis additionally emphasised her help for monetary freedom and stated that with the ability to self-custody was an necessary a part of it. She stated:
“We need to make certain folks can have particular person wallets for his or her Bitcoin in order that they have sovereignty over their very own cash.”
Lummis, a vocal supporter of crypto innovation, has championed insurance policies that shield particular person monetary freedom for plenty of years. Her stance towards CBDCs and in favor of Bitcoin comes at a time when digital currencies have gotten a big subject of debate forward of the November elections.
Bitcoin-backed greenback
Lummis’ stance aligns with that of MicroStrategy chair Michael Saylor, who responded to her on social media and equally advocated for a Bitcoin-backed greenback. He stated that such a foreign money would uphold American values of privateness and property rights whereas strengthening the greenback.
Saylor has made related statements up to now and believes that Bitcoin represents a digital transformation of the monetary system. He additionally believes that Bitcoin is the “apex” asset and can “eat gold” within the coming years.
The push for Bitcoin as a reserve asset displays a broader motion amongst crypto proponents to combine digital belongings into the US monetary system. Advocates argue that Bitcoin can function a hedge towards inflation and improve monetary privateness by way of decentralization.
Former President Donald Trump has additionally reportedly mentioned making Bitcoin a reserve asset for the greenback and is slated to headline the upcoming 2024 Bitcoin Convention. Trump has voiced robust help for the crypto sector in latest weeks and opposed the implementation of CBDCs attributable to privateness considerations.
