U.S. Senator Cynthia Lummis says bitcoin is a ‘great store of value’

Bitcoin, the world’s leading cryptocurrency by market capitalization, has found another ally in U.S. Senator Cynthia Lummis who recently said she was all in on the digital asset.

Lummis gave the statement in an interview that was conducted during the 2021 Bitcoin Conference that was held in Miami earlier this year. The first woman to be elected as a Wyoming senator believes bitcoin is a great way to combat inflation and its impact to economies.

With the inflation rate of the U.S. dollar currently sitting at about 2% per year and is expected to go up over time, people started to look for alternative means to store money – one that won’t expose them to inflation.

Bitcoin, by design, is not subject to inflation, making it a great store of value when it comes to saving.

Lummis remains a believer

While it is true that the widely volatile nature of the cryptocurrency remains as a legitimate concern for a lot of people as well as price manipulation that is the source of alarm for those saving money in bitcoin, Lummis believes it is an ideal store of value.

The official also said during the conference that the crypto provided a viable store of value and medium of exchange, adding that it could act as a check on the devaluation of fiat or government-backed currencies.

Lummis, who is just about six months into her tenure, has always been bitcoin-friendly and has recently announced the launch of the Financial Innovation Caucus which was co-founded by her co-senator, Krysten Sinema.

Bitcoin slowly tripping again

Even with news as positive as this one, bitcoin remains unable to sustain its spurts of “mini surges.”

According to CoinGecko tracking, at press time, the crypto is trading at $37,782. It failed to sustain its run after briefly moving past the $38K-$40K levels just a few days ago.

 

Image courtesy of Cointelegraph News/YouTube

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