Senator Cynthia Lummis (R-Wyo.) argues that incorporating Bitcoin into the U.S. financial system would strengthen the U.S. greenback and guarantee its world dominance.
She made the feedback throughout a July 12 interview with Fox Enterprise, the place she outlined her imaginative and prescient for a financially unbiased America and beneficial Bitcoin as a reserve asset.
“Holding Bitcoin as a reserve might assist hold the US greenback sturdy.”
The Professional-Bitcoin Agenda
In subsequent social media posts, Lammis reaffirmed his coverage positions, together with rejecting retail central financial institution digital currencies (CBDCs), advocating for express protections for self-custodial bitcoin wallets, and restoring the dominance of the greenback within the twenty first century.
She expressed satisfaction with the Federal Reserve's choice to not pursue a CBDC, because the know-how could possibly be a possible software for presidency surveillance of the American folks.
Lummis additionally harassed her help for monetary freedom, saying the power to handle oneself is a key a part of it.
“We would like folks to have a separate pockets for his or her bitcoin and have sovereignty over their cash.”
Lummis, a vocal proponent of crypto innovation and a longtime advocate of insurance policies that shield particular person financial freedom, has taken a stance in opposition to CBDCs and in favor of Bitcoin as digital currencies change into a key subject of debate forward of the November election.
Bitcoin-backed greenback
Lummis' place is in step with that of MicroStrategy Chairman Michael Saylor, who responded to Lummis on social media and in addition advocated for a Bitcoin-backed greenback, saying such a forex would uphold American values of privateness and property rights whereas concurrently strengthening the greenback.
Saylor has made related statements previously, saying he believes Bitcoin represents a digital transformation of the monetary system, and that it’s the “apex” asset and can “eat up gold” over the following few years.
The push for Bitcoin as a reserve asset displays a broader push amongst cryptocurrency advocates to combine the digital asset into the U.S. financial system, the place proponents argue that Bitcoin can act as a hedge in opposition to inflation and improve monetary privateness by decentralization.
Former President Donald Trump has additionally reportedly mentioned making Bitcoin a reserve asset for the greenback and is scheduled to ship a keynote speech on the upcoming Bitcoin Convention in 2024. Trump has voiced sturdy help for the cryptocurrency sector in latest weeks and has opposed the introduction of CBDCs as a consequence of privateness considerations.
