Senator Lummis, who thinks cryptocurrency has a chance to improve the financial system and economy of the United States, is defending bitcoin in the country. She might be the most vocal advocate for the crypto industry in Congress. She stands out from her competitors because of her unwavering support for the crypto sector.
When Natalie Brunell, a journalist at Hard Money, pointed out that many people still don’t understand how cryptocurrencies function and how they may actually be a “powerful tool” in transforming people’s lives, Lummis didn’t pull any punches and declared that Bitcoin “can not be stopped.”
She anticipated that as more people learned about Bitcoin and other cryptocurrencies and became comfortable with the idea of digital assets, they would start investing in it for their long-term financial objectives.
“As people learn more about Bitcoin and become comfortable and familiar with an asset that is online they’ll begin to see it as … behind them and they’ll have it for their long-term savings and long-term future.”
The Republican has been one of the most well-known Bitcoin supporters who promotes embracing the industry. Lummis also proposed a law that would oblige the federal government to view distributed ledger technology as a developing innovation on par with biotechnology and artificial intelligence, among other things.
As previously stated by Lummis, she paid $320 for her first Bitcoin buy in 2013. At the same time, she revealed that she had never sold any of her cryptocurrency assets. Her conviction was further strengthened by the fact that one Bitcoin was selling for almost $70,000 at its peak in November 2021.
She added in the interview that spreading awareness about cryptocurrency among the public and policymakers is her primary objective right now. The biggest obstacle to passing legislation that provides a clear legal framework may be educating politicians about Bitcoin and how the asset class and its underlying technology may help revolutionize the present financial system.
Lummis reiterated her support for Bitcoin serving as a hedge against inflation. Her defence is that the most prominent cryptocurrency is unconnected to the US dollar and the global economy. However, it is clear from the fact that the world economy is in shambles and the cryptocurrency market has lost $2 trillion from its market cap, which now stands at $939.89 billion— the rising correlation between the cryptocurrency market and traditional markets is damaging her claims.