U.S. Senate candidate Cynthia Lummis has revealed that she is pro-bitcoin. She bought her first bitcoin during her time in Congress. Now she calls herself a hodler and sees the cryptocurrency as a viable alternative store of value to the U.S. dollar. Cynthia Lummis served Wyoming as a conservative Republican in the U.S. House of Representatives for eight years. She is now in the running for the U.S. Senate, with the endorsement of President Donald Trump.
Cynthia Lummis bought her first bitcoin in 2013.
The U.S. Senate candidate revealed during the third annual Wyoming Blockchain Stampede on Sunday that she is a bitcoin “hodler,” having purchased her first bitcoin in 2013. “It was during my time in Congress that I first learned about bitcoin,” she said. She further elaborated that she was struck by how innovative bitcoin is with its decentralized public ledger and fixed supply. While serving as State Treasurer, the U.S. Senate candidate was always hunting for a good store of value because one of her duties was to invest the Permanent Wyoming Mineral Trust Fund.
“Limited supply of bitcoin makes it an attractive store of value.”
Cynthia Lummis said, “knowing that there are only going to be 21 million bitcoin makes it an attractive store of value.” “I have long worried about the Federal Reserve’s program of quantitative easing and the amount of debt on which our nation’s economy’s future rests,” she further shared, adding that the U.S. has created $3 trillion more in debt since March. Lummis stressed that the most underestimated risk in financial markets today is that the dollar ceases to be a reserve currency. Crypto regulations in the United States are still in a grey area, but some lawmakers have emphasized the importance of regulating the crypto space much more efficiently.