US Senator-Elect Wants to See Bitcoin as a Major Financial Player

US Senator-Elect Wants to See Bitcoin as a Major Financial Player

An elected US senator in the recent elections in the country, Cynthia Lummis is pro-Bitcoin and owns the cryptocurrency, due to which she is hoping to bring changes that will result in more Bitcoin adoption. Since 2013, she has investments in Bitcoin and said in an interview that she is determined to see the pioneer cryptocurrency became a very important part of the financial landscape in the U.S. The senator-elect hails from Wyoming and defeated democrat candidate Mike Enzi, which allowed her to become the first female senator who is pro-Bitcoin. Since she has owned Bitcoin for a long time, she is determined to put cryptocurrencies in the spotlight. 

Cynthia Lummis has been talking on how they can make history with Bitcoin. Even though she has had a renowned and long career in politics, there are only a few people who are aware that she is a Bitcoin and also a strong supporter of ensuring cryptocurrency’s widespread adoption. The senator is ready to offer a better future to Bitcoin by admitting that she wants the U.S. political agenda to debate about the benefits of the adoption of the first cryptocurrency. Speaking in an interview on ‘Good Morning America’, she discussed the benefits of Bitcoin, along with the appeal it has as a store of value.

She went on to stay that she understood this appeal quite well when she had served as state treasurer in Wyoming. During the interview, she said that she wanted Bitcoin to be part of the national conversation. Cynthia also discussed how Bitcoin had a competitive advantage over the US dollar, which is prone to inflations, because of its scarcity. She disclosed that it was this quality of Bitcoin that had encouraged her to invest in the leading cryptocurrency and she hadn’t regretted her decision since then. 

The senator-elect stated that where financial assets are concerned, Bitcoin appears to be one of the strongest ones when it comes to storage value mechanism. Thus, it deserves to get a lot more attention that it receives nowadays. Cynthia went on to say that the total number of Bitcoins that will be in existence is 21 million, after which there wouldn’t be any additional emissions. According to her, this resistance will certainly work in Bitcoin’s favor in the future geopolitical debate. While the US dollar is subject to inflation, the same doesn’t apply to Bitcoin, which makes it the ideal long-term investment vehicle. 

Once 21 million Bitcoins have been mined, there would be no more mining needed, as this crypto has a cap. However, the government does have the option of pumping in more US dollars in order to give the economy a boost in some situations, something they did do when the coronavirus pandemic hit and the economy began to struggle. Cynthia believes that the current positive attributes of Bitcoin indicate that it will be a strong player when it comes to working as a store of value and she has already made it a part of her investment portfolio.