Senator Cynthia Lummis (R-WY) mentioned that the mixing of Bitcoin into the US monetary system can strengthen the US greenback and assist it preserve its world dominance.
She made the claims throughout an interview with Fox Enterprise on July 12, the place she outlined her imaginative and prescient for a financially sovereign America and advocated for bitcoin as a reserve asset. She mentioned:
“Having bitcoins in reserve may help the US greenback keep robust.”
Professional-bitcoin agenda
Lummis reaffirmed her agenda in a follow-up social media publish, which incorporates rejecting retail central financial institution digital currencies (CBDCs), advocating clear protections for self-managed bitcoin wallets, and restoring greenback dominance for the twenty first century.
She expressed satisfaction with the Federal Reserve's determination to not pursue CBDCs as a result of such know-how may turn into a possible instrument for presidency surveillance of Americans.
Lummis additionally confused her help for monetary freedom, saying self-management is a crucial a part of it. She mentioned:
“We wish to ensure that individuals can have their very own wallets for his or her bitcoins, in order that they’ve sovereignty over their very own cash.”
A vocal supporter of crypto innovation, Lummis has been pushing for insurance policies that defend particular person monetary freedom for a few years. Her anti-CBDC and pro-bitcoin stance comes as digital currencies turn into a outstanding matter of dialogue forward of the November election.
Bitcoin backed greenback
Lummis' stance is per that of MicroStrategy Chairman Michael Saylor, who responded to her on social media and equally advocated for a bitcoin-backed greenback. He mentioned such a forex would promote American values of privateness and property rights whereas strengthening the greenback.
Saylor has made related statements up to now and believes that Bitcoin represents a digital transformation of the monetary system. He additionally believes that Bitcoin is a “peak” asset and can “eat up gold” within the coming years.
The push for bitcoin as a reserve asset displays a broader motion amongst cryptocurrency advocates to combine digital belongings into the U.S. monetary system. Proponents argue that bitcoin can function a hedge towards inflation and improve monetary privateness via decentralization.
Former President Donald Trump has additionally reportedly mentioned Bitcoin being a reserve asset for the greenback and is slated to headline the upcoming Bitcoin Convention in 2024. Trump has expressed robust help for the crypto sector in latest weeks and has opposed CBDC implementation resulting from considerations about privateness.
