U.S. senator places hope against inflation in bitcoin, says crypto could be ‘the standard’

In her appearance on Bitcoin Talk, U.S. Senator Cynthia Lummis expressed support for bitcoin and the opportunities it presents to her country.

She was hosted by a panel dubbed “Bringing Bitcoin Innovation Home to America” and was joined by Representative Warren Davidson whom she works with closely.

In her speaking engagement, the senator pointed out the digital asset, considered as the largest cryptocurrency by market capitalization, came at the right time and is able to help prop up the U.S. dollar.

Concerned about dollar printing

During her talk, Lummis expressed her concerns regarding the rate at which the U.S. dollar was being printed, saying that paper money was being constantly produced with nothing to back them up.

The official added that the rapid rate of printing money exposes the currency to extreme inflationary conditions. Meanwhile, according to Davidson, this does not reflect the views and values of the U.S.

“It is demoralizing. And in my view, it is anti-American to destroy our currency in that way,” Lummis, who was also concerned about the massive $28 billion debt that had been issued, said.

The crowd appeared to have shared the same sentiments as they applauded Lummis after her statements.

Bitcoin and the fight to save the greenback

Speaking about continuing to fight to save the mighty U.S. dollar, Lummis said she was glad that bitcoin came along as it could underpin the currency, helping to back up paper currencies that would eventually be printed.

“If we go off the rails completely, bitcoin can be there. It will be the standard,” said the senator who has always been very vocal about her support for the leading cryptocurrency.

Lummis recently revealed having at least five bitcoins and she was planning to hold them for the long term.

 

Image courtesy of Cointelegraph News/YouTube

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