US Lawmaker Cynthia Lummis Praises Bitcoin & Criticizes Senators Insisting On Debt Increase
US lawmaker Cynthia Lummis has been thanking God during a Senate session where the issue of increasing US debt limit was being discussed. She was seen suggesting that she is thankful to God because the issuance of Bitcoin does not involve any government therefore Bitcoin cannot be the cause of beholding US debts which are ultimately controlled by the governments. She advocated in favor of cryptocurrencies by suggesting that their decentralized structure in fact favors US Government.
During the recent US Senate session, lawmaker Cynthia Lummis was seen appraising the world’s lead coin. The Senate session was discussing the proposal in which the Government wishes to increase the debit limit. Lummis is known for being a Bitcoiner herself and she is attached to Bitcoin since 8 years ago i.e. 2013. She has time and again said that to her Bitcoin provides a great source of storing value.
She criticized the lawmakers who were insisting that the debt limit should be increased. She suggested that the lawmakers are avoiding the fact that they are talking about a liability which the citizens will have to pay. She said that already the US debts are already nearing almost 30 trillion dollars. If Biden administration will increase debt then it will be a matter of time that debts will go past 30 trillion dollars.
Lummis commented that usually the governments worldwide avoid increasing the debts. Instead, their priority is to reduce the debts and keep them lower than their respective domestic products.
She reminded budget office’s recommendations of February where the office suggested that further increase in debt would lead to exceeding US’s GDP. Lummis then argued that US cannot in any way continue like this. If any increment in debts is made then such an action would be an irresponsible action.
She was also of the view that the time is nearing when US won’t be able to fulfill its obligations towards its debt holders. Lummis then went onto discuss her joining the crypto market. She suggested that since Bitcoin is solely a non-government issued currency, therefore, she developed interest in it. So the situation, which the US is going through, is not caused because of Bitcoin. In fact it is created by the US Government itself. The Government simply cannot blame Bitcoin for beholding the US debts because they are solely governed and controlled by governments.
Lummis described that the Government should learn the lessons from the US’s past history. The US Government shouldn’t at all allow the global reserve fiat to decline without doing anything. If any contingency is caused in the near future, then it would be because of Government’s inability to safeguard US Dollar’s integrity. She reiterated that it would be in the interest of the US if crypto industry is allowed to prevail in decentralized structure.