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US Senator says ‘I love that Bitcoin can’t be stopped’ citing concerns about national debt and inflation

US Senator Says 'I Love That Bitcoin Can't Be Stopped' Citing Concerns About National Debt and Inflation

U.S. U.S. Senator Cynthia Lummis said that she is happy that bitcoin can’t be stopped and that governments are not able to just take the cryptocurrency. She said that it was comforting to know bitcoin exists, citing concerns over inflation and the national debt.


U.S. U.S. Senator: Bitcoin is Something Governments Cannot Take

U.S. Senator Cynthia Lummis (R-WY) talked about bitcoin in an interview with Hard Money’s Natalie Brunell, published last week.

Discussing the merits and how bitcoin cannot be stopped, the senator of Wyoming stated:

I love that it can’t be stopped especially because I’m concerned about our national debt. Inflation is a concern.

She said, “I see people from Wyoming who are going to food bank now because they need fuel. They need gasoline to get to work. And they must now choose between high-priced gasoline or food. So they are going to food banks to get their food

The senator elaborated: “So when things are inflationary, and when we see that the value of a $1 drop when you go grocery shopping and you come out of there with one sack of groceries and for the same price you used to come out with two, then we really need to think about assets that will be there for a long time.”

That’s why to me it’s actually comforting to know that bitcoin is there.

She explained further that when the government is in crisis, it may take property and homes. The senator stressed

Bitcoin is something the government cannot take.

“For foreigners who are living in very unstable places, this is definitely a backstop. They can go to sleep at night knowing that it will be there the next morning,” the senator stated.

The senator from Wyoming introduced a crypto bill titled “Lummis-Gillibrand Responsible Financial Innovation Act” in June with Senator Kirsten Gillibrand (D-NY).

Providing an update on the bill, Lummis described, “this is a very comprehensive piece of legislation, probably too comprehensive given the time remaining in 2022 for the bill to pass.” She added: “But what that does is give us more time to get more input on the bill, and we want to embrace that. We need more input .”

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What do you think about the comments by Senator Cynthia Lummis? Comment below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

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