Senator Cynthia Lummis said bitcoin should be available to enable people to save in the case of a government failure. Senator Cynthia Lummis said that Bitcoin (BTC) is a divine gift in the aftermath of US President Joe Biden approving legislation to increase the government’s debt ceiling to $28.9 trillion.
Senator Lummis delivered a speech to the Senate on Thursday, outlining how digital currencies such as Bitcoin may possibly assist nations like the United States to solve the impending cash problem.
Lummis said that one of the reasons she became interested in non-fiat digital currencies such as Bitcoin is because they are not issued by governments and therefore are not subject to the debts “run-up” by countries such as the United States.
Due to the fact that cryptocurrencies are not subject to government regulation or political elections, they should continue to develop and exist, enabling individuals to save in the event that governments fail. Lummis contended:
“Time and again, presidents of both parties have run up the debt irresponsibly, with no plan to address it. So thank God for Bitcoin, and another non-fiat currency that transcends the irresponsibility of governments, including our own.”
On Thursday, US Vice President Biden signed legislation temporarily increasing the state’s borrowing ceiling, extending the date for financial default to December. The proposal would increase the debt limit by $480 billion, from the existing $28.4 trillion national debt.
Lummis has emerged as one of the most outspoken Bitcoin proponents in the United States Senate. The senator is well-known for amassing large sums of Bitcoin, with one of her most recent transactions valued between $50,000 and $100,000.
Lummis founded the Financial Innovation Caucus in February to educate members of Congress about Bitcoin and other cryptocurrencies. The pro-Bitcoin lawmaker is also renowned for participating in a laser-eye flash mob on Twitter earlier this year when he predicted Bitcoin will hit $100,000 by the end of 2021.
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