Senator Cynthia Lummis has promoted the idea that Bitcoin (BTC) serves as a means of protection against inflation and is a path to long-term financial prosperity. She positioned BTC as a modern alternative to the U.S. dollar, as it empowers people during periods of economic insecurity.
Senator Cynthia Lummis Says Bitcoin is a Safe Haven Against Inflation
Senator Cynthia Lummis used her latest Fox Business appearance to emphasize Bitcoin’s role in personal financial independence. She positioned the digital asset as a secure and decentralized alternative to the U.S. dollar amid inflation and rising economic uncertainty.
The Wyoming senator stated that Bitcoin is a system that is not under government supervision, and its main characteristics are its transparency and limited availability. The talk also featured the relevance of BTC in helping average Americans tackle the issue of high living costs.
Cynthia Lummis explained that Bitcoin provides holders with an alternative that does not depend on any central bank. She claimed that inflationary pressures and the decline in the dollar’s value are drawing rising attention to Bitcoin as a long-term monetary strategy.
The cryptocurrency’s 21 million supply limit is a key factor contributing to its rising value. This scarcity drives demand, especially as institutional and global interest in the asset continues to grow.
Cynthia Lummis notes that the scarcity mechanism of Bitcoin is in sharp contrast to the unlimited availability of fiat. This portrays the digital asset as a legitimate store of value not only by individuals but also by governments.
Cynthia Lummis stated that BTC’s current price is consistent with broader adoption trends. It also underscores its resilience as demand continues to rise worldwide. Currently, the Bitcoin price is $116,609, having dropped 1.67% in the last day. Its 24-hour trading volume is nearly $104 billion, up over 41%.
Lummis Shows Support for Crypto-Friendly Policies
These comments are one of the ways Cynthia Lummis has been advocating for the incorporation of digital assets into the U.S. financial system. Since last year, she has put forward multiple crypto-related legislative initiatives and also frequently justifies the importance of decentralized technologies during congressional hearings.
The latest of the crypto bills is the crypto tax bill aimed at eliminating double taxation on Bitcoin transactions. The senator is also proposing a de minimis exception for transactions under $300. As CoinGape reported, the White House has also confirmed Donald Trump’s support for this crypto tax exemption on certain crypto transactions.
Meanwhile, Lummis had earlier proposed the BITCOIN Act, which will mandate the U.S. to purchase up to 1 million BTC over the next five years. The White House crypto policy report, which will be released on July 30, will likely highlight the bill as one of the progresses made towards creating a Strategic Bitcoin Reserve.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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