US Senator Cynthia Lummis: Bitcoin Will Be an Important Player For a Long Time
Senator-elect, Cynthia Lummis has spoken on national television about the advantages Bitcoin has and how she intends to make it part of the national conversation.
The Republic senator-elect became the first woman-senator to win election for the state of Wyoming after beating Democrat candidate Mike Enzi in the recent elections.
Lummis is a well-known Bitcoiner, and has been invested in BTC since 2013. She will become the first pro-Bitcoin senator when she takes seat.
Lummis served the Republican party in the House of Representatives for 8 years. Her previous role as Wyoming’s State Treasurer saw her invest part of Wyoming’s permanent treasury into Bitcoin.
Bitcoin Will Become Part of The National Conversation
Lummis was being interviewed on national TV show Good Morning America. And the interviewer, who admitted to not being well versed in Bitcoin, asked what she thought of people’s fears that Bitcoin would be used as a money laundering tool, or as a way to evade taxes.
However, Lummis dismissed that suggestion and instead explained Bitcoin’s strengths and said how she intended to ‘bring Bitcoin into the national conversation.’
‘I do hope to bring Bitcoin into the national conversation,’ said senator-elect. ‘I’m a former state treasurer, and I invested our state’s permanent funds. So I was always looking for a good store of value, and Bitcoin fits that bill.’
Senator Cynthia Lummis told the interviewer how Bitcoin’s scarcity gave it a competitive edge over the US dollar, something she has long opined in her previous role.
‘Our own currency inflates, Bitcoin does not,’ explained the senator. ‘21 million Bitcoin will be mined, and that’s it. It’s a finite supply, so I have confidence that this is going to be an important player in stores of value for a long time to come.’
US Senator Cynthia Lummis a True Bitcoiner
Cynthia Lummis will become the first pro-Bitcoin senator when she takes her seat, and no doubt she will push Bitcoin onto the agenda.
As a member of congress she regularly articulated Bitcoin’s strengths. Speaking at the annual Wyoming Blockchain Stampede in September, Lummis explained how she was overblown by the innovative promise of Bitcoin.
‘It was during my time in Congress that I first learned about Bitcoin,’ said the senator. ‘I was struck by how innovative Bitcoin is with its decentralized public ledger and a fixed supply.’
And Lummis stressed Bitcoin’s unique monetary policy will drive her to promote the leading digital asset during a time when the Federal Reserve is set to ramp up the debasement of the US dollar.
‘I have long worried about the Federal Reserve’s program of quantitative easing and the amount of debt on which our nation’s economy’s future rests. I want to address America’s debt when I go to the U.S. Senate. But I also want to protect the value that America’s workers generate through their labor. We cannot continue to debase our currency and expect that the American workers’ wages and savings will be unaffected.’
A Bitcoiner In The Senate
Bitcoiner Cynthia Lummis is a going to make sure Bitcoin is part of the national conversation. As a senator, who completely understands the danger of the Fed’s monetary policy, she will drive home the strengths of Bitcoin.
During her campaign, Lummis issued continuous warnings regarding the Fed’s inflationary policy, and spoke about her fears for the American worker’s wages being eaten away.
And while she isn’t going to make Bitcoin part of the Fed’s treasury, just yet, the more she articulates Bitcoin’s strengths to the dinosaurs on the hill, the more people will begin to listen.
Cynthia Lummis will be a great advocate for Bitcoin, and I’m sure she will beget more Bitcoiners in the senate.
Author: Tommy Limpitlaw
What is the point of Bitcoin?
Bitcoin is a decentralized money. A money that nobody can control or manipulate, and a money that nobody can print and devalue. It’s also not necessary for any third party to verify transactions, so it makes it much faster and cheaper to send value. It’s also money built on the Internet: a society of almost 5 billion people.
Can you buy less than 1 Bitcoin?
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
Can you lose money on Bitcoin?
You certainly can lose money on Bitcoin. Many new investors see the gains Bitcoin has made and expect it to always be so. But the truth is, Bitcoin’s gains have come from buying Bitcoin and holding on long term and riding the market. People expecting only gains, quickly lose faith when it crashes and lose money. The best way to avoid losing money is buy Bitcoin and hodl.
How can I earn free Bitcoin?
Nothing is really free, because even when you earn free Bitcoins you’re giving up your time, which is precious. But you can earn free Bitcoins. If you are a gamer, there are games like Bitcoin Bounty Hunt where you shoot your way to Bitcoin riches. Or there’s Carrot – a platform where you can earn free Bitcoin for doing tasks. Or you can save your Bitcoin in an interest bearing account and earn some Bitcoin interest. Be careful with interest bearing accounts, and only go with legitimate companies, though. I recommend Blockfi, you can read the review here.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.