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Senator Cynthia Lummis Sees Bitcoin Working Alongside Fiat Currencies

Cynthia Lummis, Wyoming’s newly-elect Senator, doubled-down on her bullish stance on bitcoin in a recent podcast appearance. She hoped to introduce BTC to the government scene as she believes that the cryptocurrency should work alongside fiat currencies.

The “Bitcoin Senator” On BTC Working With Fiat

As reported by CryptoPotato in early November, Cynthia Lummis became the only elected female Senator during the 2020 elections and the first female Senator from Wyoming. Additionally, she has been a long-time bitcoin holder after purchasing BTC back in 2013.

During a recent appearance on Peter McCormack’s podcast called What Bitcoin Did, the host predicted that Lummis will become known as the “Bitcoin Senator” in the crypto community.

Lummis admitted that most government officials fear the cryptocurrency, mostly because they don’t understand its fundamentals. However, the situation could change, and she plans to “spend time with those people to help them understand how bitcoin can function alongside the fiat currencies.”

However, when it came down to comparing both in terms of serving as a store of value, the Senator-elect said that bitcoin is a “better store of value than a fiat currency.”

“In the case of US currency, inflation is baked into the Federal Reserve’s plan for the US dollar. So, it’s no wonder that our buying power is eroded.”

She classified this policy as “terribly frustrating” for people nearing the age of retirement. In contrast, she said that bitcoin provides a more stable value. Consequently, she has remained a HODLer and has never sold any of her bitcoins.

Cynthia Lummis. Source: C-Span
Cynthia Lummis. Source: C-Span

Let Bitcoin Run Freely

Lummis also touched upon regulations and how the US is viewing the cryptocurrency industry. More specifically, she breached the legislation reportedly offered by the US Treasury Secretary Steven Mnuchin on self-hosted cryptocurrency wallets.

She joined Coinbase’s CEO Brian Armstrong and several US Congresspeople who expressed concerns that the country would start falling behind other nations in crypto adoption.

She categorized this rumored legislation as “detrimental for the ability of bitcoin to advance on its own path in a way that helps governments understand its capabilities.”

“So, I would rather spend my time in Congress to educate people on what bitcoin can do if it’s allowed to run free, without the regulation that Secretary Mnuchin has proposed.”

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About The Author

Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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