Bitcoin is ‘comforting’ and ‘cannot be stopped,’ says US senator

Bitcoin has its back covered by this US senator who believes in the potential of crypto to bring good things to the US financial sector and the economy in general.

Senator Cynthia Lummis may be the most prominent champion of the crypto sector in Congress. Her strong support for the cryptocurrency industry sets her apart from her peers.

During an interview on Hard Money with investigative journalist Natalie Brunell on Wednesday, Lummis didn’t mince words, saying that Bitcoin “can’t be stopped,” after Brunell pointed out that many people still don’t understand how the crypto works and what it actually is. a “powerful tool” to change people’s lives.

“I love that it can’t be stopped, especially because I’m worried about our national debt, I’m worried about inflation… We’re seeing things that are inflationary… It’s actually comforting to know that Bitcoin is there,” the senator said.

Bitcoin: An attractive hedge against inflation

Lummis stated in 2021 that the concept of Bitcoin as an inflation hedge, an asset that can maintain its value independent of the US currency or the global economy, is enticing.

Wyoming’s Republican senator has an impressive resume in cryptocurrency and topics like privacy rights, and she also has a large amount of BTC.

The lawmaker has been one of the most prominent Bitcoin advocates lobbying for the sector’s adoption. Lummis introduced a bill that would require the US government to treat distributed ledger technology as a growing breakthrough along the lines of artificial intelligence and biotechnology, among other initiatives.

Lummis, other senators band together for crypto

“As people learn more about Bitcoin and become comfortable and familiar with an asset that’s online, they’ll start to see it as … behind them, and they’ll want it for their long-term savings and long-term future,” the senator said.

Lummis is partnering with Arizona Sen. Kyrsten Sinema (D), co-founder of the Financial Innovation Caucus, and other lawmakers about a proposed measure, and she expects to attract other lawmakers by 2023 when she proposes parts of the plan to Congress.

Lummis first bought Bitcoin in 2013 for about $320. She stated at the time that she had “never sold” her cryptocurrency, the value of which approached $70,000 earlier this year. Since then, she has not changed her perspective on Bitcoin as an asset class.

The senator’s top priority: Crypto education

According to public documents, Lummis owns between $100,000 and $350,000 in BTC, and she recently bought more this summer.

Meanwhile, the senator revealed that education is her top crypto priority now. While legislation that offers a clear legal framework is needed, the biggest barrier may be educating lawmakers about Bitcoin and how the asset class and its underlying technology can help transform the current financial system.

BTCUSD pair trading at $19,370 on the daily chart | Source: TradingView.com

Featured image from Finbold, Chart: TradingView.com