US Senator Looking for Another Drop to “Buy Some More” Bitcoin While Fed Official is Worried

Sen. Cynthia Lummis, R- WY, is “excited to buy the Bitcoin dip,” she revealed in an interview with Fox News on Wednesday.

Lummis is one of the senators who is a vocal advocate of crypto assets and has been a Bitcoiner for a very long time, as early as 2013. When asked about the deep rout in cryptocurrency prices this week, she said,

“I’m really excited about it because as soon as it drops a little more, I’m going to buy some more.”

Talking about the rapid decline in prices, Lummis talked about her favorite stocks United Rental which “dropped like a rock” after she bought it, but she continued to hold on to it, and “it’s performed beautifully over the years for me.”

“I see Bitcoin doing the same kind of thing because the fundamentals are good.”

During her interview, Lummis also commented on regulations, saying she supports regulations for the crypto market because she wants a “level playing field.”

Lummis said she would support regulations for crypto assets as long as “they’re very simple rules, easy to understand, and they’re not overly restrictive because we want to see increased innovation in this space.”

Fully Appropriate To Start The Tapering Process

In complete contrast, Federal Reserve Bank of Atlanta President Raphael Bostic said on Wednesday that cryptocurrencies make him worried because they have been too volatile so far.

On Wednesday, the Fed official said that the central bank could start to slow down its asset purchase in the next few months and that he favored lifting interest rates in 2022 in response to faster-than-expected recovery.

“Given the upside surprises in recent data points, I have pulled forward my projection for our first move to late 2022,” Bostic told reporters following a speech to the Russell Innovation Center for Entrepreneurs. ‘’I have two moves in 2023,” he added.

According to him, the economy is “well on its way” to recovering with data coming in stronger than expected, GDP on a stronger trajectory, and inflation going higher, above the Fed’s 2% target.

“In my view, we are close to meeting that standard,” he said.

“If the next few months print at levels comparable to what we have seen recently, I feel we will have reached that standard. Given that is a distinct possibility, I think it is fully appropriate to be planning to start the tapering process.”

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