After weeks of debate, Joe Biden signed an earlier this week bill to increase the United States’ debt ceiling. It allowed the country to avoid default once again, but Senator Cynthia Lummis expressed disappointment at their current state of affairs. She gave a passionate speech about why fiat money failed and why Bitcoin is a better alternative.
According to The Hill, after interrupting a recess, the House voted on December 1st to increase the debt ceiling. Officials from the Biden administration stressed Monday’s deadline for raising the debt ceiling to avoid a recession that could wipe out months of economic recovery.
This was a partisan decision, with senator Democrats in support of the measure and Republicans opposed to it. Senator Minority Leader Mitch McConnel pledged to unify Republicans against the extension of it further in December.
Senator Cynthia Lummis, however, sees the bill in the context of a larger problem that crosses party lines. She spoke to Congress Thursday and stated that the country would soon find it impossible to pay its debts. The nation’s debt has now surpassed its GDP, thanks to the fact that it has grown along with the presidents of both political parties in the 21st Century.
Lummis stated that this was “the point at the decline of nations.”
Lummis stated, “If we’re going to let the dollar fall, having the lessons from history in front us and failing to take action…we’re truly irresponsible.”
Senator Shenandoah said that she would like to see “non-fiat currencies flourish” in the event that the dollar collapses.
Cynthia Lummis. Source: CNBC
Can Bitcoin save the United States?
Lummis explained that digital currencies are a source of her excitement because they are free from government control.
“Thank God for Bitcoin and digital currencies that transcend governments’ irresponsibility – even ours. This is a clear indication of the responsibility we have to address this huge, predictable issue.
Lummis invested $100,000 in Bitcoin in August, which proved her true faith in the cryptocurrency. She previously admitted that she owned five bitcoins, each purchased years ago for $300.
Bitcoin has been long praised for its ability to be used as an inflation hedge to the fixed supply of fiat currencies. According to JPMorgan, major institutions have recognized it as an inflation hedge that is superior to gold.
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