19 Dec Senator-elect plans to teach Congress how to use bitcoin to reduce national debt. Is the incoming administration pro-bitcoin?
An incoming Senator believes bitcoin is a better store of value than paper money and plans to teach Congress how to use it to reduce the national debt.Senator-elect Cynthia Lummis told the What Bitcoin Did podcast that bitcoin is a better store of value than paper money and she plans to teach Congress how to use it to reduce the national debt when she assumes office in January. The senator, reportedly said, “If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with any regard to any fiat currency…there is a backstop available to every government in the world and that backstop is bitcoin,” Lummis said. The senator-elect also said that bitcoin is a better store of value than paper money because the cryptocurrency’s supply is finite.
Bitcoin is indeed the currency of the 21st century, gone is the era of plastic money which has several flaws (e.g. being centralized and traceable). The Blockchain has several innovative dapps like online decentralized casino, EarnBet which seeks to overthrow traditional casinos, Chain-link which has untamperable oracle services, and best of all, Ethereum which allows developers to create an app using its technology. Recently, even Coca-Cola expressed an interest in using its mainnet, showing its untapped potential and massive application. Lastly, bitcoin is inflation-proof and there is a direct correlation between an economy’s inflation and the use of cryptocurrencies. For example, a decent population of Venezuela uses cryptocurrencies as they have finally realized how ‘redundant’ fiat is and inflation can distort its function of acting as money, i.e. serving as a store of value. The pump is only getting started!