Senator Cynthia Lummis (R-WY) has asserted that incorporating Bitcoin into the US financial system can strengthen the US dollar and help it maintain its global dominance.
She made the statement during a Fox Business interview on July 12, where she outlined her vision for a financially sovereign America and advocated for Bitcoin as a reserve asset. She said:
“Having Bitcoin in reserve can help the US dollar remain strong.”
Pro-Bitcoin agenda
Lummis reaffirmed her agenda in a subsequent social media post, which includes rejecting retail Central Bank Digital Currencies (CBDCs), advocating for clear protections for self-custody Bitcoin wallets, and restoring the dollar’s dominance for the 21st century.
She expressed satisfaction with the Federal Reserve’s decision not to pursue a CBDC as such technology can become a potential tool for government surveillance of American citizens.
Lummis also emphasized her support for financial freedom and said that being able to self-custody was an important part of it. She said:
“We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”
Lummis, a vocal supporter of crypto innovation, has championed policies that protect individual financial freedom for a number of years. Her stance against CBDCs and in favor of Bitcoin comes at a time when digital currencies are becoming a significant topic of discussion ahead of the November elections.
Bitcoin-backed dollar
Lummis’ stance aligns with that of MicroStrategy chair Michael Saylor, who responded to her on social media and similarly advocated for a Bitcoin-backed dollar. He said that such a currency would uphold American values of privacy and property rights while strengthening the dollar.
Saylor has made similar statements in the past and believes that Bitcoin represents a digital transformation of the financial system. He also believes that Bitcoin is the “apex” asset and will “eat gold” in the coming years.
The push for Bitcoin as a reserve asset reflects a broader movement among crypto proponents to integrate digital assets into the US financial system. Advocates argue that Bitcoin can serve as a hedge against inflation and enhance financial privacy through decentralization.
Former President Donald Trump has also reportedly discussed making Bitcoin a reserve asset for the dollar and is slated to headline the upcoming 2024 Bitcoin Conference. Trump has voiced strong support for the crypto sector in…
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