Senator Cynthia Lummis of Wyoming, a Republican, recently retaliated against Hillary Clinton for disparaging cryptocurrencies. She said that Bitcoin is a hard currency answer to the US dollar’s inflation issues.
Clinton should embrace the future, according to Lummis. Lummis’ remarks come after former Secretary of State Hillary Clinton’s warnings earlier this week. The latter said at a panel discussion at the Bloomberg New Economy Forum in Singapore that cryptocurrency might “destabilize governments.”
Lummis reacted to Clinton today with the polar opposite viewpoint. She suggested in a tweet that Bitcoin may “stabilize” an otherwise volatile US currency.
“Great leaders do not fear the future. America could win the future by embracing Bitcoin as hard money that can be used to stabilize USD and undo the tailspin begun in 1971.”
President Nixon abandoned the gold standard in 1971, bringing the US money supply under the authority of the federal government. Inflation has become a significantly more serious issue since then, and savings rates have plummeted throughout the Western world. Because of its fully set and non-manipulable monetary policy, Bitcoin is often presented as a solution to this issue.
The senator’s pro-progress stance is a clear dig at Clinton’s image as a politician. The former first lady became an image of ‘establishment’ politics – which Bitcoiners typically disdain – when she ran against Donald Trump in the 2016 US election. Trump, on the other hand, has shown his dread of cryptocurrency.
Is Senator Lummis a Bitcoin Maximalist?
When Lummis asks for Bitcoin to “stabilize” the US currency, it’s unclear what she means. She might be implying that Bitcoin could “back” the value of the US currency in the same way that gold did prior to 1971. Alternatively, she might simply mean that by eliminating inflation, Bitcoin will push the US currency to compete as a store of value.
In any case, Lummis refers to Bitcoin as “money,” rather than merely a “asset.” She’s previously shown strong support for the cryptocurrency, even praising God for its creation in a speech to Congress. She’s been dismissive of other cryptos and meme currencies, such as Shiba Inu, like many Bitcoin maximalists.