Senator On Bitcoin: “Came For The Store Of Value, Staying For The Censorship Resistance”
Bitcoiner Cynthia Lummis advocates BTC as a store of value for the younger generation as “the dollar is designed to be worth less every year.”
United States Senator from Wyoming, Cynthia Lummis is the first Senator in history to own Bitcoin and is a strong advocate for the digital currency.
Lummis appeared on The Pomp Podcast with host Anthony “Pomp” Pompliano to talk about how she bought a few BTC back in 2013 and 2014 while looking for a store of value as a state treasurer in Wyoming. Since then, she continued to pay attention to it, and while it is volatile,
“I still think it is an excellent store of value and that it should be part of every individual person's investment portfolio.”
She is a staunch supporter of Bitcoin because fiat currency isn’t really offering much value to the people, especially the younger generation.
“The dollar is designed to be worth less every year,” Lummis added that if the younger people who are in their 20s or 30s now invest their hard-earned money just in the US dollar, in the coming decades, the USD is not going to buy as much as it does now. Lummis also took to Twitter to declare:
“I came for the store of value. Staying for the censorship resistance.”
While sharing her love for Bitcoin, she also said that she is working on “forming a caucus here in the Senate to help educate my colleagues & leaders in DC on the importance of financial innovation for our economy, national security & continued. U.S. leadership in world markets.”
As we have seen all these years, the regulatory aspect of the markets remains uncertain, with Treasury Secretary Janet Yellen also pointing to the use of cryptocurrencies in illegal financing.
However, Lummis says the new Treasury Secretary has rather “an open mind,” and all her concerns are mostly with criminal or nefarious use of cryptocurrency.
“It's going to take a lot of work to get to where we can have an open dialogue that is free from the clutter of seeing this knee-jerk reaction to the concern that all crypto is subject to criminal activity.”
During her appearance on the podcast, she also shared that she is hopeful that government entities will make Bitcoin part of a fully diversified asset allocation.