There is plenty of work to be done for Cynthia Lummis to promote Bitcoin in the United States. She said this in an interview with Coindesk, where she talked about her initial interest in BTC, the enormity of the US debt and the election of Joe Biden.
In the fifteen-minute interview, the Wyoming senator-elect said she was scared of the US debt and that’s also why she first became interested in Bitcoin. In 2009, when she had her first experience in Congress under the Obama era, the US debt amounted to 10 trillion. It is now 30 trillion and what’s worse, she says, is that no one is addressing the issue of how to repay this debt, which continues to grow in the wake of the financial stimulus issued to address the economic emergency caused by the Coronavirus.
When she became aware of this mountain of dollars to be repaid, she started to take an interest in Bitcoin as a store of value. Bitcoin, says Cynthia Lummis, has the characteristics of gold without being a physical asset, yet it is easy to track. However, she admits, many of her colleagues know little about Bitcoin. That’s why she says her aim is to educate them.
There is a kind of prejudice whereby Bitcoin and cryptocurrencies have been seen as something that doesn’t matter, something to be relegated to a criminal domain. She, on the other hand, says that she does not agree with this view at all, that the US should do more in the field of digital currencies, and that China is far ahead in this area.
In fact, China is experimenting with the digital yuan, while the United States is currently working with MIT in Boston on a digital dollar project.
The Chinese digital currency, explains the senator from Wyoming, is not a threat to the US dollar, however, the US dollar is currently the world’s reserve currency and the US should do everything not to lose this primacy. In her words, Bitcoin can also contribute to this.
Cynthia Lummis and the opportunities for Bitcoin
We will need to work on regulation, which is what the previous administration did in the latter part of the term, and what she is doing as the current administration along with several colleagues.
Speaking of the current administration, Cynthia Lummis is a Republican and has the distinction of being among the few senators who voted against Joe Biden’s victory. When questioned on the issue, she told Coindesk that for her Joe Biden is the legitimate president, but she had expressed doubts about the voting patterns in Pennsylvania, which led her to vote against.
It is with the Democratic president and his treasury secretary Janet Yellen that work will have to be done to encourage the spread of Bitcoin and not hinder it.
Steps in this direction can also be seen in the public sector and not only in the private sector. For example, she explains, the mayor of Miami is working to ensure that Bitcoin becomes an asset in pension funds, that workers accept it as a means of payment (at least partial) for their salaries, and that it is also accepted as a means of payment in general, whereas at the moment it is considered more of a store of value.
But a lot of work needs to be done, she concludes, to dispel the doubts.