Senator Lummis thanked god for Bitcoin right as president Biden signed a bill to raise the debt ceiling so let’s read more about it in our latest Bitcoin news.
After many weeks of debate, US President Joe Biden signed a new bill earlier this week to raise the United States’ debt ceiling and allowed the country to avoid default again which is why Senator Lummis thanked god for Bitcoin’s existence and showed disappointment in the state of affairs. She responded with an impassioned speech on why fiat money is failing and why Bitcoin is a good alternative. The House voted to raise the debt ceiling into December after interrupting a scheduled recess so now the Biden administration officials stressed that if this is not raised by Monday, the country will enter a recession and will erase months of economic recovery.
The decision was a partisan one with the senate Democrats being in favor of the measure and Republicans against it. Senate Minority Leader Mitch McConnel vowed to unite the Republicans against extending it even more in December. Senator Cynthia Lummis saw the bill as part of a much bigger problem which she thinks crosses the party lines. She asserted that the country would be soon unable to cover the debt which grew alongside presidents of both parties in the 21st century and surpassed the nation’s GDP. Lummis claimed that this is the point at which the nations decline and she said:
“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 stated that in the event of the dollar’s collapse, she will want to ensure that the non-fiat currencies can flourish. During her speech, Lummis said that her interest in digital currency stems from the freedom 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.”
Lummis personally invested $100,000 into BTC and prove her faith in the cryptocurrency and she also admitted to own five BTC that she bought for $300 apiece. Bitcoin has been praised for a long time as an alternative to inflationary fiat currency to the fixed supply.
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