US Senate candidate Cynthia Lummis is pro-bitcoin. She bought her first bitcoin while in Congress. Now she calls herself a hodler and sees cryptocurrency as a viable alternative store of value to the U.S. dollar.
Bitcoin lawyer in the Senate
Cynthia Lummis served Wyoming as a conservative Republican in the United States House of Representatives for eight years. She is now vying for the United States Senate, with the endorsement of President Donald Trump.
Lummis revealed at the third annual Wyoming Blockchain Stampede on Sunday that she was a bitcoin “hodler”, having purchased her first BTC in 2013. She explained:
It was during my time in Congress that I discovered bitcoin for the first time. I was struck by how innovative bitcoin is with its decentralized public ledger and fixed supply.
While she was state treasurer, Lummis was always looking for a good store of value, as one of her duties was to invest the Wyoming Mineral permanent trust fund. Noting that the state of Wyoming has “significant savings” due to its vast mineral resources, she revealed that the state treasurer is currently managing about $ 20 billion in savings spread across nine investment pools.
“Knowing that there will only be 21 million bitcoins makes it an attractive store of value,” Lummis explained. “I have long been concerned about the Federal Reserve’s quantitative easing program and the amount of debt upon which the future of our country’s economy rests,” she added, adding that the United States United had created an additional $ 3 trillion in debt since March.
Quoting economist Nassim Taleb as saying last week that “the most underestimated risk in financial markets today is that the dollar ceases to be a reserve currency,” said Lummis, who noted that we should all be worried. It aims to solve this problem to prevent the dollar from losing its status as the world’s reserve currency. Taleb is not the only one to have warned about this problem. Goldman Sachs issued a similar warning in July.
“I want to pay off America’s debt when I go to the US Senate. But I also want to protect the value American workers generate through their work. We cannot continue to debase our currency and expect the wages and savings of American workers to remain unaffected, ”she continued, stressing the importance of preventing the rapid loss of power in purchase of American savers. The former US representative expressed the view:
For me, Bitcoin has shown great promise and could become a viable alternative store of value to the US dollar both institutionally and personally.
Lummis then revealed how she got into bitcoin, stating:
I bought my first bitcoin in 2013 because I believe in the economic power of scarcity and the potential of bitcoin to remedy some of the manipulations of our financial system … Now I’m a hodler and I hodl because like l ‘I want to preserve the relative value of my work over time.
She then spoke about Wyoming’s achievements in blockchain and cryptocurrency, giving the example of the Kraken cryptocurrency exchange, which recently obtained a banking charter and established an office in the Wyoming. She also highlighted some concerns about anti-money laundering (AML) and know-your-customer (KYC) laws that hinder innovation but are not effective in preventing money laundering.
What do you think of Lummis’ point of view on bitcoin? Let us know in the comments section below.
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