Bitcoin will come to the rescue if the fiduciary system fails, says the Wyoming senator.
Government actions and media coverage around COVID-19 increased in March, resulting in company closures and economic difficulties. Since then, problems have persisted in terms of economic stimulus and health combined with the government’s OVID-19 mandates.
Coming from the crypto-friendly state of Wyoming, Lummis wants to raise awareness about Bitcoin among U.S. authorities. “I really want to use my time in the U.S. Senate in part to help introduce the Bitcoin topic,” she said, explaining her desire to:
“To increase 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, basically next to our fiduciary currency, and that should be allowed a clear and avenueway – an interstate highway actually – to grow and develop next to our fiduciary currency. ”
In contrast to Bitcoin and its consistent supply, the structure of the US dollar inherently includes inflation, making devaluation inevitable, according to Lummis, who owns Bitcoin. “I am a HODLer,” she said.
“I just buy. I’ve never sold,” she added.
In line with a difficult year, the U.S. national debt increased further in 2020, standing at more than $27 trillion in the Lummis publication. “I know there is no strategy, no plan, for the United States to start rescuing its debt,” she said. “When I entered Congress in January 2009, we had just increased our debt from $9 trillion to $10 trillion.
U.S. government officials have distributed a number of funding efforts related to OVID-19 this year, while printing huge amounts of money. Other pandemic-related spending negotiations are also underway, Lummis noted, postulating Bitcoin as a possible solution.
In addition to a debt solution, the U.S. needs “an alternative path in case we fail, and I see the alternative path as Bitcoin,” Lummis said, later citing the asset value reserve function and limited supply.