Senator Cynthia Lummis believes Bitcoin can be a lifeline for Americans struggling with inflation. She argues that Bitcoin’s independence from government and central banks makes it an attractive option for protecting savings.
Bitcoin: Decentralized and Predictable
Lummis points to Bitcoin’s transparent public ledger and its fixed supply of 21 million coins as key features. This predictability, she says, offers stability in uncertain economic times, helping families stretch their budgets when prices are rising.
Bitcoin’s Growing Popularity
Bitcoin’s price is hovering around $118,000, and trading volume recently surged over $100 billion – a 35% jump in just 24 hours. This increased activity shows growing interest from both individuals and institutions. Major players like hedge funds and banks are increasingly adding Bitcoin to their portfolios, signaling a shift from a niche asset to a mainstream investment.
Making Crypto Taxes Simpler
Senator Lummis is pushing for a bill that would simplify crypto taxes for small transactions. The proposed “de minimis” rule would exempt trades under $300, potentially making it easier for people to use Bitcoin for everyday purchases. This initiative has received support from unexpected quarters.
A National Bitcoin Reserve?
Lummis is also behind the BITCOIN Act, which proposes the US government buying up to 1 million Bitcoin over five years. While critics express concerns about government involvement, supporters see it as a way to establish a national Bitcoin reserve and demonstrate confidence in this new form of currency.