U.S. Senator Cynthia Lummis says she loves that bitcoin cannot be stopped and that the government cannot just confiscate cryptocurrencies.” It’s actually comforting to know that bitcoin is out there,” she said, citing concerns about the national debt and inflation.
U.S. Senator Bitcoin Is Something Governments Cannot Take
U.S. Senator Cynthia Lummis (R-WY) spoke about Bitcoin in an interviewwith Hard Money’s Natalie Brunell published last week.
On the benefits of bitcoin, including that cryptocurrencies cannot be stopped, the Wyoming senator said.
I love that it can’t be stopped especially because I am concerned about our national debt. I am concerned about inflation.
She continued.” In my home state of Wyoming, there are people who are going to food banks now. They need fuel, they need gas to go to work, and they are going to the food bank for food because they have to choose between gasoline, which is expensive now, and food.”
The congressman further elaborated.
“So when you see inflation, when the value of a dollar goes down and you go to the grocery store and you come out with one bag of food for the same price, whereas before you came out with two bags, we really need to look at the assets that are going to be there for the long haul.” She noted.
That’s why, for me, it’s actually comforting to know that bitcoin is out there.
She further explained that in countries where governments are unstable, they can come and take people’s homes and property. The councilor stressed that.
Bitcoin is something the government cannot take away.
“For people in foreign countries who live in very insecure places, it is definitely a backstop, something they can sleep comfortably at night and know it will be there in the morning,” the senator opined.
The senator from Wyoming introduced a crypto billentitled the “Lummis-Gillibrand Responsible Financial Innovation Act” in June with Senator Kirsten Gillibrand (D-NY).
Providing an update on the bill, Lummis said, “This is a very comprehensive bill, perhaps too comprehensive given the time remaining in 2022 for the bill to pass.” He explained. However, it does give us time to get more input on the bill, which we are willing to accept. We want people to provide additional input, ideas, and thoughts.”
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