Thank goodness for Bitcoin, says Cynthia Lummis on raising US debt limit

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As United States President Joe Biden signed legislation to raise the government’s debt limit to $ 28.9 trillion, Senator Cynthia Lummis said Bitcoin (BTC) is a blessing from God.

On Thursday, Senator Lummis delivered a speech to the Senate, giving her take on how digital currencies like Bitcoin could potentially help countries like the United States cope with the looming crisis when the state runs out of money. cash.

Lummis said that one of the reasons she has become so interested in non-fiat digital currencies like Bitcoin is that they are not government-issued and therefore not beholden to debts incurred by governments such as United States.

As cryptocurrencies are not beholden to governments and political elections, they should grow and be there, allowing people to save in the event of government default, Lummis argued:

Time and time again, the presidents of both parties have accumulated debt irresponsibly, without any plan to address it. So thank God for Bitcoin, and another non-fiat currency that transcends the irresponsibility of governments, including ours.

Thank goodness for #Bitcoin pic.twitter.com/W9BtWZAiU4

Michael Saylor (@saylor) October 15, 2021

US President Biden on Thursday officially signed a law temporarily increasing states’ borrowing limits, pushing back the default date until December. The legislation would increase the debt ceiling by $ 480 billion from the current national debt of $ 28.4 trillion.

Related: US Lawmaker Most Concerned About Treasury’s Response to Crypto

Lummis has become one of Bitcoin’s most vocal advocates in the US Senate. The senator is known to accumulate significant amounts of Bitcoin, with one of his last purchases valued between $ 50,000 and $ 100,000.

In February, Lummis launched the Financial Innovation Caucus to educate fellow lawmakers about Bitcoin and other cryptocurrencies. The pro-Bitcoin senator is also known to have joined the laser-eye flash mob on Twitter earlier this year, projecting Bitcoin to hit $ 100,000 by the end of 2021.

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