US Senator Cynthia Lummis has expressed concerns about the national debt and rising inflation. She believes that citizens should invest in bitcoin to save their own money.
In a recent interview, Wyoming State Senator Cynthia Lummis once again spoke out in favour of the first cryptocurrency. According to her, bitcoin can no longer be stopped – governments can’t just confiscate cryptocurrencies, and that’s the main merit of digital assets. Therefore, in the current economic climate, people should look at bitcoin if they want to save their savings from rising prices, says Lummis.
“I see people in my home state of Wyoming having to turn to food banks. They need petrol to get to work, and they have to choose between fuel and food. The value of the dollar is dropping and now people are buying half as much food with that same money as they used to. It makes a lot of sense to look at assets that will last in the long term. That’s bitcoin, and I’m glad it exists,” Lummis said.
The senator added that in some countries with unstable economies, law enforcement agencies often confiscate housing and other acquired assets from citizens. For many people living in insecure places, bitcoin becomes a mainstay, so the government cannot allow the first cryptocurrency to be legalised.
In June, Lummis, along with New York State Senator Kirsten Gillibrand, introduced a bill to regulate crypto-assets, implying their full inclusion in the US financial system. However, SEC Chairman Gary Gensler believes the bill would only confuse the traditional finance sector.
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