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GOP Sen. Cynthia Lummis is more bullish on Bitcoin than ever

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As the economic situation in the United States degrades further under the Biden administration, the irresponsible rulers of the Federal Reserve have no plans to address the growing inflation. They continue to print money while the Democratic Party liberals push to raise the debt ceiling and accommodate more borrowing. 

Thinking that their policies will compensate for the government’s incompetent handling of the economy, president Biden and his allies have created a monster that will burden the common people through soaring prices of basic goods and commodities.

“The debt ceiling increase that is being discussed here is so more spending can occur without addressing our debt-to-GDP ratio. We cannot go on like this. It is irresponsible at the deepest levels,” stated Republican senator Cynthia Lummis of Wyoming.

The value of the greenback is on a decline and the American people are looking for ways to preserve their hard-earned money. Lummis, a staunch supporter of the latest technological innovations in finance, believes that the safe bet would be to invest in a good store of value such as cryptocurrencies. Aside from the ability of digital currencies’ price to grow exponentially in the future, the decentralized nature of crypto allows it to exist in a system that is not affected by the government’s failures.

“One of the reasons that I became so interested in digital currencies, in non-fiat currencies, is because they are not issued by a government. Bitcoin is not issued by a government so it’s not beholding to the debts that are run up by governments,” Lummis said.

“So, thank God for bitcoin, and other non-fiat currencies, that transcends the irresponsibility of governments, including our own. That is an indictment of our responsibility to address this looming, predictable, massive issue,” Lummis continued.

Recently, investment banking firm and America’s largest bank, JPMorgan Chase & Co., admitted that cryptocurrency is now being considered by investors as the more superior hedge against inflation than gold. 

“Institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold. There are tentative signs that the previous shift away from gold into bitcoin seen during most of Q4 2020 and the beginning of 2021 has started re-emerging in recent weeks,” JP Morgan said in a statement.

The Biden administration should loosen its grip on cryptocurrencies since the digital assets can help in combating the brutal impacts of inflation. After all, there is no one to blame for this continued devaluation of the US dollar but the government and the Federal Reserve themselves.

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