Senator Cynthia Lummis believes Bitcoin can be a lifeline for Americans struggling with inflation. She argues that Bitcoin’s independence from governments and central banks makes it a valuable tool for protecting savings.
Bitcoin: Decentralized and Predictable
Lummis highlighted Bitcoin’s key features: its transparent public ledger and its fixed supply of 21 million coins. This predictability, she says, offers a level of stability lacking in traditional financial systems, especially appealing to families looking for ways to manage rising costs.
Bitcoin’s Growing Popularity
Bitcoin’s recent market performance seems to support Lummis’s view. The price is approaching $118,000, and trading volume has surged, indicating increased interest from investors. This isn’t just small-time traders; Lummis points to growing institutional investment from hedge funds and major banks, signaling Bitcoin’s move from a niche asset to a mainstream investment.
Making Crypto More Accessible
Senator Lummis is actively working to make Bitcoin more accessible to everyday Americans. She’s pushing for a law that would exempt small cryptocurrency transactions (under $300) from double taxation. This, she argues, could encourage more people to use Bitcoin for everyday purchases.
A Bold Proposal: A National Bitcoin Reserve?
Lummis is also behind the BITCOIN Act, a proposal to have the US government acquire up to 1 million Bitcoin over five years. While this idea has its critics, supporters see it as a way to establish a national Bitcoin reserve and demonstrate confidence in this new asset class.