An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt | Currency News | Financial and Business News

• Senator-elect Cynthia Lummis informed the What Bitcoin Did podcast that bitcoin is a greater retailer of worth than paper cash and he or she plans to show Congress use it to cut back the nationwide debt when she assumes workplace in January.
• “If we attain the purpose the place now we have overspent a lot that issues begin crashing down, the black swan occasion happens with any regard to any fiat forex…there’s a backstop accessible to each authorities on the planet and that backstop is bitcoin,” Lummis stated.
• The senator-elect additionally stated that bitcoin is a greater retailer of worth than paper cash as a result of the cryptocurrency’s provide is finite.
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Senator-elect Cynthia Lummis plans to broaden the coversation in Congress round bitcoin when she assumes workplace in January.

On an episode of the What Bitcoin Did podcast on Monday, the Wyoming Republican stated bitcoin is a good retailer of worth and can assist deal with one in every of her greatest concerns-the US nationwide debt.

Lummis stated the US must develop a plan to retire the debt, and in addition must develop an “different path” in case that fails. 

“I see the choice half as bitcoin, as a result of you’ve got the flexibility to spend money on one thing that has stability within the retailer of worth,” Lummis stated. 

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The senator-elect stated that bitcoin is a greater retailer of worth than paper cash as a result of its provide is finite. At present there are solely 21 million bitcoins that may be mined in whole.

“Within the case of U.S. forex, inflation is baked into the Federal Reserve’s plan for the U.S. greenback. So it is no marvel that our purchasing energy is eroded,” Lummis stated.  People who find themselves dwelling off their financial savings in retirement have always eroding shopping for energy due to inflation, she added.

“That won’t be the case with bitcoin. Bitcoin offers a extra secure worth to people who find themselves both saving now to stay comfortably sooner or later but additionally people who find themselves on fastened revenue or approaching fastened revenue now,” the senator-elect stated. 

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Lummis added that she needs to make use of her time as an elected official to introduce the subject of bitcoin to her colleagues in Congress and develop a path for the cryptocurrency to develop alongside fiat cash, as a result of she sees it as an excellent retailer of worth and a “stabilizing mechanism for worldwide exchanges.” 

“It is form of one thing that frees governments as much as say, there’s a backstop,” stated Lummis. “If we attain the purpose the place now we have overspent a lot that issues begin crashing down, the black swan occasion happens with any regard to any fiat forex…there’s a backstop accessible to each authorities on the planet and that backstop is bitcoin.” 

The value of bitcoin is approaching file highs, and is presently priced at $19,363. However Lummis is not planning on promoting her bitcoin any time quickly.

“I’m a HODLer,” she admitted. 

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