Bitcoin should be there to allow people to save in the event the government fails, Senator Cynthia Lummis said. 

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

Senator Lummis gave a speech to the Senate on Thursday, providing her perspective on how digital currencies like Bitcoin could potentially help countries like the U.S. address the looming crisis when the state runs out of cash.

Lummis said that one of the reasons she had become so interested in non-fiat digital currencies like Bitcoin is because they are not issued by the government and thus aren’t beholden to the debts that are “run up by governments” such as the United States.

As cryptocurrencies are not beholden to governments and political elections, they should grow and be there, allowing people to save in the event 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 officially signed legislation temporarily raising the state’s borrowing limit on Thursday, pushing the deadline for debt default only until December. The legislation would extend the debt ceiling by $480 billion from the current national debt of $28.4 trillion.

Lummis has emerged as one of the most vocal advocates of Bitcoin in the U.S. Senate. The senator is known for accumulating significant amounts of Bitcoin, with one of her latest purchases worth between $50,000 and $100,000.

In February, Lummis launched the Financial Innovation Caucus to educate fellow lawmakers about Bitcoin and other cryptocurrencies. The pro-Bitcoin senator is also known for joining the laser-eye flash mob on Twitter earlier this year, projecting Bitcoin to reach $100,000 by the end of 2021.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price presents buy signal, anticipates 30% breakout

Shiba Inu price is undergoing a minor retracement after it saw a sudden uptick in buying pressure, leading to a rally. This correction will provide sidelined buyers with an opportunity to jump on before the next leg higher.

More Shiba Inu News

Axie Infinity user converts Magic Internet Money to earn over $82,000 a year

A player of play-to-earn game Axie Infinity, has confirmed that the game offers higher rewards than a Goldman Sachs’ research associate’s salary. Analysts have a bullish outlook on the gaming token’s price.

More Axie Infinity News

Altcoins recover as BTC chops

Bitcoin price is consolidating while it tries to move higher, but Ethereum price seems to be enjoying a full-fledged rally as it comes closer to setting up new highs. Ripple price, on the other hand, is struggling to find bullish momentum.

More Cryptocurrencies News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

More Chainlink News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP