HomeCrypto‘Thank God for Bitcoin,’ Cynthia Lummis says on US debt limit raise

‘Thank God for Bitcoin,’ Cynthia Lummis says on US debt limit raise

Amid the United States President Joe Biden signing legislation to raise the government’s debt limit to $28.9 trillion, Senator Cynthia Lummis stated that Bitcoin (BTC) is a blessing of God.

Republican Senator Lummis gave a speech to the Senate on Thursday, offering her perspective on how digital currencies like Bitcoin might doubtlessly assist international locations just like the U.S. deal with the looming disaster when the state runs out of money.

Lummis stated that one of many causes she grew to become so fascinated with non-fiat digital currencies like Bitcoin is as a result of they don’t seem to be issued by the federal government and thus aren’t beholden to the money owed which can be “run up by governments” such because the United States.

As cryptocurrencies will not be beholden to governments and political elections, they need to develop and be there, permitting folks to avoid wasting within the occasion if governments fail, Lummis argued:

“Time and again, presidents of both parties have run up the debt irresponsibly, with no plan to address it. So thank God for Bitcoin, and another non-fiat currency that transcends the irresponsibility of governments, including our own.”

U.S. President Biden formally signed laws quickly elevating the state’s borrowing limit on Thursday, pushing off the deadline for debt default solely till December. The laws would lengthen the debt ceiling by $480 billion from the present nationwide debt of $28.4 trillion.

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A Republican from Wyoming, Lummis has emerged as some of the vocal advocates of Bitcoin within the U.S. Senate. The senator is thought for accumulating vital quantities of Bitcoin, with one of many newest purchases value between $50,001 and $100,000.

In February, Lummis launched the Financial Innovation Caucus to teach fellow lawmakers about Bitcoin and different cryptocurrencies. The pro-Bitcoin senator can also be identified for becoming a member of a laser-eye flash mob on Twitter earlier this yr, projecting Bitcoin to succeed in $100,000 by the top of 2021.