Cynthia Lummis, the only woman to have been elected to the U.S. Senate during the 2020 cycle, plans to make Bitcoin more visible in the upper chamber of Congress.
Lummis explains how she sees Bitcoin as a way to get out of the U.S. debt and other plans for the cryptocurrency on a recent episode of the podcast What Bitcoin Did. Lummis hails from the crypto-friendly state of Wyoming, where she previously served as the state’s treasurer.
“It should not surprise anyone that Wyoming has become the leader in policy toward Bitcoin and creating state policies that has nurtured our ability to actually charter banks that can transact banking business in Bitcoin," she told host Peter McCormack.
When libertarian-leaning Republican Lummis is sworn into the Senate on January 3, she said she wants to use her time to educate other senators about Bitcoin and all the ways it can be used alongside the dollar. She believes Bitcoin can not only help reduce the national debt but ameliorate the dollar’s buying power.
“In the case of U.S. currency, inflation is baked into the Federal Reserve's plan for the U.S. dollar. So it’s no wonder that our buying power is eroded.” For people entering retirement and hoping to live off their savings, Lummis said it’s “terribly frustrating” for people to have constantly eroding buying power.
“That will not be the case with Bitcoin. Bitcoin provides a more stable value to people who are either saving now to live comfortably in the future but also people who are on fixed income or approaching fixed income now,” she said.