US Senator Cynthia Lummis said bitcoin not only provides a legitimate alternative store of value but also acts as a check on the devaluation of the US dollar.
In an interview with Reason Podcast, happened during the Bitcoin 2021 conference in Miami, US Republic Senator from Wyoming Cynthia Lummis said she is all on bitcoin. Cynthia Lummis attended Bitcoin 2021 conference in Miami, and Reason described her presence as one of the biggest, most surprising, and breakout stars of the conference. Bitcoin has gained massive mainstream exposure this year and continues to do so.
US Senator Cynthia Lummis is pro-bitcoin.
The 66-year-old freshman Republican senator from Wyoming gave her opinion on the leading cryptocurrency bitcoin during the conference. Cynthia Lummis said, “Bitcoin not only provides a legitimate alternative store of value and medium of exchange but would act as a check on the devaluation of the US dollar and other currencies through the runaway creation of fiat money.” She also said that the growth of bitcoin—mistakenly assailed for its heavy use of electricity—is acting as a spur to create renewable energy in places. Bitcoin has got a lot of criticism for its impact on the environment.
US Senator Elizabeth Warren calls bitcoin a lousy investment.
Not all politicians are on board with bitcoin; most of them have repeatedly criticized bitcoin and other cryptocurrencies. As reported earlier, US Democratic Senator Elizabeth Warren went on a rant against cryptocurrencies during a session of the Senate Banking Committee discussing a US government-backed central bank digital currency earlier this month. While comparing decentralized cryptocurrencies to a CBDC, the Senator said that crypto is a “fourth-rate alternative to real currency,” adding that “legitimate digital public money could help drive out bogus digital private money.” The Senator went on to say, “Every hack that is successfully paid off with a cryptocurrency becomes an advertisement for more hackers to try more cyberattacks.”