Senator Cynthia Lummis (R-WY) has asserted that incorporating Bitcoin into the US monetary system can strengthen the US greenback and assist it keep its international dominance.
She made the assertion throughout a Fox Enterprise interview 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 stated:
“Having Bitcoin in reserve might help the US greenback stay sturdy.”
Professional-Bitcoin agenda
Lummis reaffirmed her agenda in a subsequent social media publish, which incorporates rejecting retail Central Financial institution Digital Currencies (CBDCs), advocating for clear protections for self-custody Bitcoin wallets, and restoring the greenback’s dominance for the twenty first century.
She expressed satisfaction with the Federal Reserve’s resolution to not pursue a CBDC as such expertise can develop into a possible instrument for presidency surveillance of Americans.
Lummis additionally emphasised her help for monetary freedom and stated that having the ability to self-custody was an necessary a part of it. She stated:
“We wish to be sure that individuals can have particular person wallets for his or her Bitcoin so that they have sovereignty over their very own cash.”
Lummis, a vocal supporter of crypto innovation, has championed insurance policies that defend particular person monetary freedom for a lot of years. Her stance in opposition to CBDCs and in favor of Bitcoin comes at a time when digital currencies have gotten a major matter of debate forward of the November elections.
Bitcoin-backed greenback
Lummis’ stance aligns with that of MicroStrategy chair Michael Saylor, who responded to her on social media and equally advocated for a Bitcoin-backed greenback. He stated that such a foreign money would uphold American values of privateness and property rights whereas strengthening the greenback.
Saylor has made related statements prior to now and believes that Bitcoin represents a digital transformation of the monetary system. He additionally believes that Bitcoin is the “apex” asset and can “eat gold” within the coming years.
The push for Bitcoin as a reserve asset displays a broader motion amongst crypto proponents to combine digital belongings into the US monetary system. Advocates argue that Bitcoin can function a hedge in opposition to inflation and improve monetary privateness via decentralization.
Former President Donald Trump has additionally reportedly mentioned making Bitcoin a reserve asset for the greenback and is slated to headline the upcoming 2024 Bitcoin Convention. Trump has voiced sturdy help for the crypto sector in latest weeks and opposed the implementation of CBDCs as a consequence of privateness issues.
