TL;DR Breakdown
- Wyoming senator-elect set to promote Bitcoin in government
- Says Bitcoin is a backstop to every government in the world
Cynthia Lummis, a US Senator-elect for Wyoming has stated her commitment to promoing Bitcoin among government officials and authorities in the US.
“I really want to use my time in the U.S. Senate in part to help introduce the topic of Bitcoin,” she said.
According to the first wyoming female senator,Lummis said that Bitcoin would remain and rescue the economy when the fiat system fails.
The US Senator-elect made her commitment to Bitcoin known in a podcast with Peter McCormack. She discussed the topic “What Bitcoin Did” alongside the host.
According to her, 2020 was a bad year generally for the global economy, and for the US, compensating citizens for the COVID-19 was another real-time difficulty for the economy. She uses the scenario to emphasize the importance of Bitcoin stating that if the traditional system collapses, Bitcoin will become vital.
She said Bitcoin is a backstop to every government in the world. Lummis emphasized that the black swan event occurs with fiat currencies when the government has overspent. Such events are not feasible in a Bitcoin grounded economy.
Lumis, US Senator elect compares Bitcoin with Fiat
Lumis noted that fiat unike Bitcoin and its consistent supply, the U.S. dollar’s framework inherently includes inflation, making devaluation inevitable.
She said this actions have made the U.S. national debt has further increase in 2020 to around $27 trillion and says there are no plan or strategy in place to the country to pay up.
She notes that more COVID-19 palliative funds are underway and massive amount of cash are being printed. The US Senator-elect pitches Bitcoin as a solution especially when more pandemic spending is still underway.
In addition to a debt solution, the U.S. needs “an alternative path just in case we fail, and I see the alternative path as Bitcoin,” Lummis said.
