Amid the US President Joe Biden signing laws to boost the federal government’s debt restrict to $28.9 trillion, Senator Cynthia Lummis stated that Bitcoin (BTC) is a blessing of God.
Senator Lummis gave a speech to the Senate on Thursday, offering her perspective on how digital currencies like Bitcoin might probably assist international locations just like the U.S. tackle the looming disaster when the state runs out of money.
Lummis said that one of many causes she had grow to be so all in favour of non-fiat digital currencies like Bitcoin is as a result of they don’t seem to be issued by the federal government and thus aren’t beholden to the money owed which can be “run up by governments” equivalent to the US.
As cryptocurrencies should not beholden to governments and political elections, they need to develop and be there, permitting individuals to save lots of within the occasion governments fail, Lummis argued:
“Repeatedly, presidents of each events have run up the debt irresponsibly, with no plan to handle it. So thank God for Bitcoin, and one other non-fiat foreign money that transcends the irresponsibility of governments, together with our personal.”
— Michael Saylor⚡️ (@saylor) October 15, 2021
U.S. President Biden formally signed laws quickly elevating the state’s borrowing restrict on Thursday, pushing the deadline for debt default solely till December. The laws would prolong the debt ceiling by $480 billion from the present nationwide debt of $28.4 trillion.
Lummis has emerged as one of the vocal advocates of Bitcoin within the U.S. Senate. The senator is thought for accumulating vital quantities of Bitcoin, with one in every of her latest purchases worth between $50,000 and $100,000.
In February, Lummis launched the Monetary Innovation Caucus to educate fellow lawmakers about Bitcoin and different cryptocurrencies. The professional-Bitcoin senator can also be recognized for joining the laser-eye flash mob on Twitter earlier this yr, projecting Bitcoin to achieve $100,000 by the tip of 2021.