2 months ago
Senator Cynthia Lummis (R-WY) has asserted that incorporating Bitcoin into the US fiscal strategy tin fortify the US dollar and assistance it support its planetary dominance.
She made the connection during a Fox Business interrogation connected July 12, wherever she outlined her imaginativeness for a financially sovereign America and advocated for Bitcoin arsenic a reserve asset. She said:
“Having Bitcoin successful reserve tin assistance the US dollar stay strong.”
Pro-Bitcoin agenda
Lummis reaffirmed her docket successful a consequent social media post, which includes rejecting retail Central Bank Digital Currencies (CBDCs), advocating for wide protections for self-custody Bitcoin wallets, and restoring the dollar’s dominance for the 21st century.
She expressed restitution with the Federal Reserve’s determination not to prosecute a CBDC arsenic specified exertion tin go a imaginable instrumentality for authorities surveillance of American citizens.
Lummis besides emphasized her enactment for fiscal state and said that being capable to self-custody was an important portion of it. She said:
“We privation to marque definite radical tin person idiosyncratic wallets for their Bitcoin truthful they person sovereignty implicit their ain money.”
Lummis, a vocal supporter of crypto innovation, has championed policies that support idiosyncratic fiscal state for a fig of years. Her stance against CBDCs and successful favour of Bitcoin comes astatine a clip erstwhile integer currencies are becoming a important taxable of treatment up of the November elections.
Bitcoin-backed dollar
Lummis’ stance aligns with that of MicroStrategy seat Michael Saylor, who responded to her connected societal media and likewise advocated for a Bitcoin-backed dollar. He said that specified a currency would uphold American values of privateness and spot rights portion strengthening the dollar.
Saylor has made akin statements successful the past and believes that Bitcoin represents a digital transformation of the fiscal system. He besides believes that Bitcoin is the “apex” plus and volition “eat gold” successful the coming years.
The propulsion for Bitcoin arsenic a reserve plus reflects a broader question among crypto proponents to integrate integer assets into the US fiscal system. Advocates reason that Bitcoin tin service arsenic a hedge against ostentation and heighten fiscal privateness done decentralization.
Former President Donald Trump has besides reportedly discussed making Bitcoin a reserve asset for the dollar and is slated to headline the upcoming 2024 Bitcoin Conference. Trump has voiced beardown enactment for the crypto assemblage successful caller weeks and opposed the implementation of CBDCs owed to privateness concerns.
The station Senator Lummis says ‘Bitcoin successful reserve’ tin assistance dollar ‘remain strong’ appeared archetypal connected CryptoSlate.
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