Senator Cynthia Lummis emphasized Bitcoin as a crucial tool for financial independence and a hedge against economic instability.
Bitcoin as a Lifeline in Tough Times
Senator Lummis characterized Bitcoin as 'freedom money', highlighting its role as a hedge against inflation and a means of financial independence. Amid the declining purchasing power of the U.S. dollar, she pointed to Bitcoin as a transparent and decentralized alternative that gives individuals control over their finances. A key aspect is the fixed supply of 21 million coins, contrasting with the unlimited printing of fiat currency.
Pushing Crypto Policy in Washington
Lummis is actively advocating for crypto-friendly initiatives in Congress. She supports legislation promoting the use of digital assets, including a proposed tax bill that removes double taxation on Bitcoin transactions and introduces a de minimis exception for purchases under $300. Her broader ambition includes the BITCOIN Act, which mandates the U.S. government to acquire up to 1 million BTC over five years.
Crypto Reaction
At the time of her comments, Bitcoin was trading around $116,609, down 1.67% on the day, yet showing strong volume with over $104 billion traded in 24 hours. For Lummis, this price action reflects growing institutional and global demand for Bitcoin as a resilient and borderless asset.
Cynthia Lummis's remarks highlight the increasing interest in Bitcoin as a hedge against inflation and a tool for financial independence in the current economic landscape.
