Senator Lummis: 'Bitcoin in reserve' will help dollar stay strong
Date: 2024-07-15 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Sen. Cynthia Lummis, a Republican from Wyoming, said adding bitcoin to the U.S. financial system could strengthen the dollar and help it maintain global dominance. In an interview with Fox Business on July 12, she outlined her vision for a financially sovereign America and proposed Bitcoin as a reserve asset.
Bitcoin as a reserve asset
Lummis noted that having a reserve of Bitcoin could help the US dollar remain strong. She emphasized that Bitcoin can serve as an important tool for maintaining financial stability and the dominance of the dollar on the world stage.
“Having a reserve of Bitcoin can help the US dollar remain strong,” Lummis said.
On social media, Lummis reiterated her agenda, which includes eliminating retail central bank digital currencies (CBDCs), protecting self-custody Bitcoin wallets, and restoring the dollar's dominance in the 21st century. She expressed satisfaction with the Federal Reserve's decision not to develop CBDC, believing that such technology could become a tool for government surveillance over citizens.
Financial freedom and protection of Bitcoin wallets
Senator Lummis emphasized the importance of financial freedom and Bitcoin self-storage as an important part of financial sovereignty:
"We want to make sure that people can have individual wallets for their bitcoins so they can have sovereignty over their money."
Lummis has been a vocal advocate for policies protecting individual financial freedom and crypto innovation for several years. Her stance against CBDC and in support of Bitcoin coincides with increased discussions of digital currencies ahead of the November election.
Dollar backed by bitcoins
Lummis' position coincides with that of MicroStrategy Chairman Michael Saylor, who also supports the idea of a dollar backed by Bitcoin. Saylor believes such a currency would support American values of privacy and property rights while strengthening the dollar.
"Bitcoin represents the digital transformation of the financial system and will 'eat gold' in the coming years," says Saylor.
The promotion of Bitcoin as a reserve asset reflects a broader movement among cryptocurrency advocates to integrate digital assets into the US financial system. Proponents argue that Bitcoin can serve as a hedge against inflation and improve financial privacy through decentralization.
Support from Donald Trump
Former President Donald Trump also discussed making Bitcoin a reserve asset for the dollar. In recent weeks, he has expressed strong support for the crypto sector and opposed the implementation of CBDC due to privacy concerns. This issue is expected to be a major issue at the upcoming Bitcoin Conference 2024.
Overall, the initiatives of Lummis and other cryptocurrency advocates reflect a desire for financial freedom and innovation aimed at strengthening economic stability and maintaining the dollar's leadership on the world stage.
