Bitcoin: "Freedom Money," Declares Senator Lummis
Senator Cynthia Lummis has voiced strong support for Bitcoin (BTC), positioning it as a shield against inflation and a route to long-term financial security. She presented BTC as a modern alternative to the U.S. dollar, particularly beneficial during economic instability.
Lummis Advocates Bitcoin as Inflation Safe Haven
In a recent appearance on Fox Business, Senator Lummis highlighted Bitcoin’s importance for personal financial independence. She emphasized that the cryptocurrency offers a secure, decentralized alternative to the U.S. dollar amid rising inflation and economic uncertainty.
Lummis noted that Bitcoin operates outside government control, characterized by transparency and a capped supply. She stressed its relevance in helping average Americans manage increasing living costs.
"Bitcoin is a system not under government supervision, and its main characteristics are its transparency and limited availability," Lummis stated.
According to Lummis, Bitcoin offers an alternative that isn't controlled by any central bank. She argued that inflationary pressures and the declining value of the dollar are driving increased interest in Bitcoin as a long-term monetary strategy.
The cryptocurrency’s limited supply of 21 million coins is a key factor in its growing value. This scarcity boosts demand, especially as institutional and global interest in the asset grows.
Lummis contrasted Bitcoin’s scarcity with the unlimited availability of fiat currencies, portraying it as a legitimate store of value for both individuals and governments.
She believes Bitcoin’s current price reflects broader adoption trends and underscores its resilience as global demand increases. 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 Supports Crypto-Friendly Policies
Senator Lummis has been a vocal advocate for integrating digital assets into the U.S. financial system. Since last year, she has introduced several crypto-related legislative initiatives and frequently defended the importance of decentralized technologies during congressional hearings.
One of her latest proposals is a crypto tax bill aimed at eliminating double taxation on Bitcoin transactions. The senator is also proposing a de minimis exception for transactions under $300. The White House has confirmed support for this crypto tax exemption on certain crypto transactions.
Lummis also proposed the BITCOIN Act, which would mandate the U.S. to purchase up to 1 million BTC over five years. The White House crypto policy report, released on July 30, will likely highlight the bill as progress toward creating a Strategic Bitcoin Reserve.
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