Wyoming Senator Sees Bitcoin as "Great" Store of Value

u.today 2021-02-03 00:50
Reading time: ~2 m

On the latest episode of The Pomp Podcast, Wyoming's U.S. Senator Cynthia Lummis recognized Bitcoin as “a great store of value”, claiming that it should be part of every person’s investment portfolio:

Because it is a finite resource, I see it as a very good store of value. 

Meanwhile, she mentions that the dollar is “designed” to be worth less and less every year. 

Educating U.S. lawmakers  

Lummis also intends to form a Financial Innovation Caucus in the U.S. Senate to educate its members and its staff about Bitcoin and other opportunities within the cryptocurrency industry.

She also wants to fight the false anti-crypto narrative that Bitcoin and other cryptocurrencies are primarily used by criminals:

What we know is, according to Chainalysis, cryptocurrency-related crime is smaller than criminal activities with cash, and crypto regulations need to leave room for innovation.

The lawmaker stressed that China was way ahead of the U.S. in terms of its progress with crypto, vowing to assist the U.S. Federal Reserve in developing its own digital currency.

How Lummis became a Bitcoin advocate

When she was describing her journey to becoming a Bitcoin believer, Lummis claimed that part of the reason why she got into crypto was that she was a state treasurer.

She also got assistance from her son-in-law who is “very knowledgable” about Bitcoin. In fact, he convinced Lummis to buy Bitcoin for the first time back in 2013. 

Finally, Wyoming is the most innovative state in the country when it comes to crypto regulations.

In spite of being an early Bitcoin adopter, Lummis doesn’t own much of it. According to her financial disclosure, her personal holdings do not exceed $100,000.