Cynthia Lummis, a Republican Senator from Wyoming, recently reacted to Hillary Clinton’s remarks about cryptocurrencies. She suggested that Bitcoin could be a hard money solution for the US dollar’s inflation problems.
Lummis tells Clinton to embrace the Future
Lummis’s remarks follow warnings from Hillary Clinton, former Secretary of State. Lummis suggested that cryptocurrencies could be “destabilizing nations” during a panel discussion at Singapore’s Bloomberg New Economy Forum.
Lummis replied to Clinton today with the opposing perspective. She tweeted that Bitcoin could “stabilize” the US dollar, pointing out that it was not stable.
“Great leaders don’t fear the future. America could win the future if it embraces Bitcoin as hard currency that can be used for USD stabilization and undoing the tailspin started in 1971.
Cynthia Lummis. Source: CNBC
Nixon abolished the gold-standard in 1971. This placed the US money supply under Federal Government control. Inflation has become a much more common problem since then. Savings rates in the West have fallen dramatically. Because of its non-manipulable and fixed monetary policy, Bitcoin is often seen as a solution.
Clinton’s image as a politician is directly reflected in the senator’s support for progress. The former first lady ran against Donald Trump in 2016. She became an emblem for ‘establishment politics’, which Bitcoiners hate. Despite this, Trump is equally afraid of crypto.
Is Senator Lummis a Bitcoin Maximalist
Lummis calls for Bitcoin to “stabilize” the US Dollar. It is unclear what she means. Lummis may be referring to Bitcoin as a way to “back” the US dollar’s value, similar to how gold worked before 1971. Or, she could simply be implying that Bitcoin will make the US dollar more valuable as a store value by lowering inflation.
Lummis refers to Bitcoin unflinchingly as “money” and not just an “asset.” In fact, she even thanked God for it in a speech to Congress. She’s been critical of meme coins and cryptos like Shiba Iu, just as many Bitcoin maximalists.
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