Senator Cynthia Lummis (R-WY) has asserted that incorporating Bitcoin into the US monetary system can strengthen the US dollar and help it keep its world dominance.
She made the assertion throughout a Fox Enterprise interview on July 12, the place she outlined her imaginative and prescient for a financially sovereign America and advocated for Bitcoin as a reserve asset. She mentioned:
“Having Bitcoin in reserve can help the US dollar remain strong.”
Professional-Bitcoin agenda
Lummis reaffirmed her agenda in a subsequent social media post, which incorporates rejecting retail Central Financial institution Digital Currencies (CBDCs), advocating for clear protections for self-custody Bitcoin wallets, and restoring the dollar’s dominance for the twenty first century.
She expressed satisfaction with the Federal Reserve’s resolution to not pursue a CBDC as such know-how can turn out to be a possible instrument for presidency surveillance of Americans.
Lummis additionally emphasised her assist for monetary freedom and mentioned that with the ability to self-custody was an vital a part of it. She mentioned:
“We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”
Lummis, a vocal supporter of crypto innovation, has championed insurance policies that shield particular person monetary freedom for various years. Her stance in opposition to CBDCs and in favor of Bitcoin comes at a time when digital currencies have gotten a major matter of dialogue forward of the November elections.
Bitcoin-backed dollar
Lummis’ stance aligns with that of MicroStrategy chair Michael Saylor, who responded to her on social media and equally advocated for a Bitcoin-backed dollar. He mentioned that such a foreign money would uphold American values of privateness and property rights whereas strengthening the dollar.
Saylor has made comparable statements in the previous and believes that Bitcoin represents a digital transformation of the monetary system. He additionally believes that Bitcoin is the “apex” asset and can “eat gold” in the approaching years.
The push for Bitcoin as a reserve asset displays a broader motion amongst crypto proponents to combine digital belongings into the US monetary system. Advocates argue that Bitcoin can function a hedge in opposition to inflation and improve monetary privateness by means of decentralization.
Former President Donald Trump has additionally reportedly mentioned making Bitcoin a reserve asset for the dollar and is slated to headline the upcoming 2024 Bitcoin Convention. Trump has voiced robust assist for the crypto sector in current weeks and opposed the implementation of CBDCs as a result of privateness considerations.
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