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Bitcoin Is “Freedom Money” and “Lifeline for Americans,” Says U.S. Senator Cynthia Lummis
U.S. Senator Cynthia Lummis has recently emphasized the significance of Bitcoin as a hedge against inflation and a tool for financial independence, referring to it as both “freedom money” and a “lifeline for Americans.” Her statements come amidst growing interest in Bitcoin as a stable store of value, especially during times of economic uncertainty.
According to Senator Lummis, Bitcoin offers individuals a safeguard against the erosion of the U.S. dollar. With inflation taking a toll on purchasing power, she emphasizes that Bitcoin serves as a transparent and decentralized alternative that empowers people to regain control over their finances. The senator highlights the fact that Bitcoin’s fixed supply of 21 million coins contrasts with the unlimited printing of fiat currency.
Senator Lummis believes that Bitcoin does not rely on central banks or government control, making it an attractive option for those wary of traditional monetary policy. As inflation rises and uncertainty spreads, she predicts that more people will turn to Bitcoin as a form of financial shelter.
Moreover, Senator Lummis continues to push for crypto-friendly efforts in Congress. She is actively advocating for legislation that supports the use of digital assets, including a proposed tax bill that removes double taxation on Bitcoin transactions and adds a de minimis exception for purchases under $300. Additionally, she aims to advance her BITCOIN Act, which would mandate the U.S. government to acquire up to 1 million BTC over five years.
The upcoming White House crypto policy report, due July 30, is expected to reference her initiatives as progress toward establishing a U.S. Strategic Bitcoin Reserve.
At the time of her comments, Bitcoin was trading at around $116,609, down 1.67% on the day, but demonstrating strength in volume with over $104 billion traded in 24 hours, indicating that interest remains strong despite price fluctuations.
Source: coinpedia.org
