Cynthia Lummis: “Bitcoin is not afraid of any failures or shutdowns”
Date: 2024-07-23 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Senator Cynthia Lummis noted the resilience of the Bitcoin network amid the recent massive Microsoft (NASDAQ:MSFT) system outage caused by a bug in a software update from CrowdStrike. This incident caused chaos in various industries, but did not affect the Bitcoin network.
Impact of the disruption on other industries
The disruption has severely impacted the tourism sector. Major U.S. airlines such as American Airlines (NASDAQ:AAL), Delta and United were forced to ground flights due to the failure of electronic systems, which required manual check-in of passengers. Banks also faced challenges, with financial institutions around the world experiencing disruptions as customers were unable to complete transactions.
Senator Lummis emphasized that despite these disruptions, the Bitcoin blockchain and related cryptocurrency services continued to operate without interruption. She tweeted the Latin phrase “Vires in Numeris,” which means “strength in numbers,” emphasizing the resilience and reliability of the Bitcoin network.
Do you know which form of currency was not affected by massive cyber failures? Bitcoin. There is strength in numbers. — Senator Cynthia Lummis (@SenLummis) July 19, 2024
Complex algorithms and trust in decentralization
Lummis emphasized that the Bitcoin network uses complex mathematical algorithms to ensure security and stable operation even in the face of unpredictable technical failures. She expressed trust in Bitcoin, and not in centralized authorities, due to its decentralized nature.
Recently, Cynthia Lummis proposed backing the dollar with Bitcoin, which she believes will help improve the country's financial system. She also opposed the introduction of a digital dollar, fearing that it could violate citizens' privacy.
Cynthia Lummis's comments demonstrate her support for Bitcoin as a stable and reliable financial system. Her proposals for using cryptocurrency to back the dollar and her opposition to the digital dollar highlight the importance of decentralized technologies in the modern world. Lummis sees Bitcoin not only as a financial instrument, but also as a guarantee of stability and security in the face of global technical changes.
