- The Senator has praised the flagship cryptocurrency’s long-term prospects.
- Senator Cynthia Lummis compared Bitcoin to gold and oil in the country’s reserves.
Market excitement was sparked by Senator Cynthia Lummis’ recent statement that increasing Bitcoin holdings might contribute to halving the US debt in 20 years. Notably, Lummis has been an outspoken advocate for Bitcoin, which has recently drawn a lot of interest from players in the cryptocurrency market. Despite this, the Senator has praised the flagship cryptocurrency’s long-term prospects as Bitcoin sets new records every day and reaches new highs.
Senator Cynthia Lummis compared Bitcoin to gold and oil in the country’s reserves, highlighting its ability to stabilize the American economy in a recent FOX interview. She recommended setting aside money to buy around 200,000 Bitcoin and accumulating one million Bitcoin over the course of 20 years. According to the senator, this action might contribute to halving the US debt within the same time span.
Banking on Bitcoin Growth
She also emphasized how the growing value of Bitcoin would offset the US dollar’s diminishing buying power, preserving the dollar’s position as the global reserve currency. Additionally, Lummis stressed that Bitcoin fits into a strategic reserve and is a long-term store of wealth, similar to gold or oil. She stated that this asset may support the US dollar’s dominance on the international scene and protect investors against inflation.
Moreover, her Bitcoin Act of 2024, which combines proactive debt reduction with asset diversification, seeks to codify her plan. Also, the strategy fits with her goal of incorporating contemporary financial instruments into established institutions by taking use of Bitcoin’s deflationary properties.
Notably, Michael Saylor of MicroStrategy recently expressed a similar opinion. Saylor said in a recent interview that the US could reduce its $16 trillion debt by acquiring Bitcoin.
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