Bitcoin should be there to allow people to save in the event of governments fail, Senator Cynthia Lummis said.
Amid the United States President Joe Biden signing legislation to raise the government’s debt limit to $28.9 trillion, Senator Cynthia Lummis said that Bitcoin (BTC) is a blessing of God.
Republican Senator Lummis gave a speech to the Senate on Thursday, providing her perspective on how digital currencies like Bitcoin could potentially help countries like the U.S. address the looming crisis when the state runs out of cash.
Lummis said that one of the reasons she became so interested in non-fiat digital currencies like Bitcoin is because they are not issued by the government and thus aren’t beholden to the debts that are “run up by governments” such as the United States.
As cryptocurrencies are not beholden to governments and political elections, they should grow and be there, allowing people to save in the event if governments fail, Lummis argued:
“Time and again, presidents of both parties have run up the debt irresponsibly, with no plan to address it. So thank God for Bitcoin, and another non-fiat currency that transcends the irresponsibility of governments, including our own.”
— Michael Saylor⚡️ (@saylor) October 15, 2021
U.S. President Biden officially signed legislation temporarily raising the state’s borrowing limit on Thursday, pushing off the deadline for debt default only until December. The legislation would extend the debt ceiling by $480 billion from the current national debt of $28.4 trillion.
A Republican from Wyoming, Lummis has emerged as one of the most vocal advocates of Bitcoin in the U.S. Senate. The senator is known for accumulating significant amounts of Bitcoin, with one of the latest purchases worth between $50,001 and $100,000.
In February, Lummis launched the Financial Innovation Caucus to educate fellow lawmakers about Bitcoin and other cryptocurrencies. The pro-Bitcoin senator is also known for joining a laser-eye flash mob on Twitter earlier this year, projecting Bitcoin to reach $100,000 by the end of 2021.