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‘Thank God for Bitcoin,’ Cynthia Lummis says on US debt limit raise

October 15, 2021No Comments


As US President Joe Biden signed legislation to raise the government debt limit to $ 28.9 trillion, Sen. Cynthia Lummis said that Bitcoin (BTC) it's a blessing from God.

Senator Lummis delivered a speech to the Senate on Thursday, providing her perspective on how digital currencies like Bitcoin could help countries like the United States tackle the looming crisis when the state runs out of cash.

Lummis said that one of the reasons why he had become so interested in non-fiat digital currencies like Bitcoin is because they are not issued by the government and therefore are not in debt to the debts that are “contracted by governments” such as states United.

Since cryptocurrencies are not in debt to governments and political elections, they should grow and be there, allowing people to save in case governments fail, Lummis argued:

“Time and time again, the presidents of both parties have accumulated debt irresponsibly, without any plan to address it. So thank goodness for Bitcoin and another non-fiat currency that transcends the irresponsibility of governments, including ours. "

US President Biden officially signed Legislation temporarily raising the state's borrowing limit on Thursday, pushing the deadline for debt default only through December. The legislation would expand the debt ceiling by $ 480 billion from the current national debt of $ 28.4 trillion.

Related: US lawmaker is more concerned about the Treasury's response to cryptocurrencies

Lummis has become one of the most vocal proponents of Bitcoin in the US Senate. The senator is known for hoarding significant amounts of Bitcoin, with one of her last purchases worth between $ 50,000 and $ 100,000.

In February, Lummis launched the Financial Innovation Caucus to educate other legislators about Bitcoin and other cryptocurrencies. The pro-Bitcoin senator is also known for join the laser eye flash mob on Twitter earlier this year, projecting that Bitcoin will hit $ 100,000 by the end of 2021.