TL;DR Breakdown
- Bitcoin bull senator Lummis responds to Hillary Clinton disparaging crypto comment.
- Senator says Bitcoin is solution to constant USD inflation problem.
Bitcoin bull, Senator Cynthia Lummis, Republican Senator for Wyoming, has fired back at Hillary Clinton for her disparaging comment about cryptocurrencies as she said the digital asset has the potential to undermine the US Dollar.
Last week, the former Secretary of State Hillary Clinton, at a panel discussion at the Bloomberg New Economic Forum in Singapore, said that cryptocurrencies could “destabilize nations.”
Lummis responded to Clinton in a tweet where the Bitcoin bull suggested that Bitcoin offers a hard money solution to the US dollar’s inflation problems.
The senator said that Bitcoin could help “stabilize” an otherwise unstable US dollar in a tweet.
“Great leaders do not fear the future. America could win the future by embracing Bitcoin as hard money that can be used to stabilize USD and undo the tailspin begun in 1971.”
The Bitcoin bull cryptic message was about what happened in 1971 when President Nixon entirely abolished the gold standard, putting the US money supply under the Federal Government’s control. Inflation became a problem, and savings rates across the Western world have massively declined.
Now, Bitcoin is touted as the solution to such problem owing to its fixed and non-manipulable monetary policy.
Bitcoin bull Lummis proposes crypto amendment bill
Alongside Senate Finance Committee Chairman Ron Wyden, Lummis introduced a bill that would reverse some of the cryptocurrency provisions in the bipartisan infrastructure package.
Sources that sighted the bill say it seeks to “revise the rules of construction applicable to information reporting requirements imposed on brokers with respect to digital assets, and for other purposes.”
Lummis is one of the few Bitcoin bulls who is an American senator. Several Legislators in the country are not open to the idea of cryptocurrencies; they favor the USD to remain the dominant currency in the world over what they see as a rival to the USD dominance.
