US Senate may have new Bitcoin advocate Cynthia Lummis

Republican Senate candidate Cynthia Lummis likely won the US Senate seat from the state of Wyoming, with the endorsement of President Trump. She could be the biggest Bitcoin advocate in the Senate. Lummis got into bitcoin in 2013 and is now a Bitcoin holder. The senator-elect sees the cryptocurrency as a viable and secure store of value which could help to deal with US national debt.

She stated at the Wyoming Blockchain Stampede in September,

“I want to address America’s debt when I go to the U.S. Senate. But I also want to protect the value that America’s workers generate through their labor. We cannot continue to debase our currency and expect that the American workers’ wages and savings will be unaffected.”

Why it matters: The US has create an enormous amount of debt, and its central bank is also backstopping the Western financial system. The short story is that the US financial system is between a rock and a hard place, and the big crisis we saw early in 2020 won't be the last. Lummis is totally correct is saying that the monetary largess hits workers hard, as they tend to have less assets to offset the purchasing power losses that are inevitable in the situation. Unfortunately, the US central bank is unlikely to put the people before its position of power, and a CBDC is probably going to be its answer to the debt tsunami that it helped to create.