As President Joe Biden signed a bill to raise the debt ceiling, Senator Cynthia Lummis was thankful that Bitcoin now exists as a countermeasure. After several weeks of debate, President Biden signed a bill earlier last week to raise the United States’ debt ceiling.
While this bill allowed the nation to avoid a default once more, Senator Lummis showed some disappointment in their state of affairs. She went ahead to respond with an impassioned speech on why fiat money has so far failed. The legislator also confirmed that she loves Bitcoin as an alternative.
Huge Debt
Based on the report by The Hill, the House voted to raise the debt ceiling into December. The decision was made after interrupting a scheduled recess. Biden’s administration officials insisted that if the ceiling is not raised on October 18, 2021, the nation might enter a recession, which would erase months of economic recovery.
This decision has been quite partisan with the Senate Democrats mainly favoring this measure while the Republicans are against it. The Senate Minority Leader Mitch McConnel promised to unite all Republicans against extending it further in December.
Buy Bitcoin NowNevertheless, Senator Cynthia Lummis believes that the bill is part of a massive problem that she says crosses party lines. Speaking to Congress on October 14, she asserted that the nation would soon be entirely unable to cover its growing debt.
This debt has grown alongside the presidents of both parties since 2000 and it has exceeded the United States’ GDP. Lummis insisted that the current scenario is believed to be the point at which many countries start to decline. She added:
“If we’re gonna let the dollar decline, having the lessons of history in front of us, and failing to act… we’re truly irresponsible.”
The senator also said that in the event of the dollar’s collapse, she wants to guarantee that “non-fiat currencies” like Bitcoin can flourish instead.
Can Bitcoin Save This Situation?
In her speech, Lummis explained that her interest in digital assets and virtual currencies arises from their freedom from any form of government control.
“Thank god for Bitcoin and other digital currencies that transcend the irresponsibility of governments – including our own. That is an indictment of our responsibility to address this looming, predictable, massive issue.”
In August 2021, Lummis confirmed that she had invested around $100,000 into Bitcoin. This showed that she has genuine faith in Bitcoin and other cryptocurrencies. In the past, she also admitted to owning five bitcoins that she acquired years ago for $300 per BTC.
The flagship crypto has long been praised as an alternative to the inflationary fiat currencies to its fixed supply. In recent months, it has been recognized by major institutions as an inflation hedge that is superior to gold, according to JPMorgan.
