US Senator Cynthia Lummis said, “Thank goodness for bitcoin” during her Senate speech on raising the US debt limit. “Bitcoin is not issued by a government, so it does not take into account debts incurred by governments,” she explained.
US Senator in Congress: “Thank God for Bitcoin”
Senator Cynthia Lummis praised bitcoin during her Senate speech last week on raising the US debt limit. The senator has been a bitcoin hodler since 2013 and has repeatedly stated that bitcoin is a great store of value.
Lummis pointed out that while lawmakers have been discussing intensely the increase in the debt limit, “hardly anyone is talking about the debt” itself. “We are getting closer to $ 30 trillion. Certainly, if the expenses incurred by the majority party and the Biden administration pass, they will exceed $ 30 trillion, ”she warned.
The Wyoming senator explained:
Countries have historically tended to decline once debt has exceeded their gross domestic product.
Quoting the Congressional Budget Office as saying in February that the national debt will exceed the country’s GDP this year, the senator exclaimed: “The increase in the debt ceiling referred to here allows spending to be increased without address our debt-to-GDP ratio. We can’t go on like this. It is irresponsible at the deepest levels.
The senator warned that “we are rapidly approaching a time when we will not be able” to pay our creditors.
She then shared:
One of the reasons I got so interested in digital currencies, non-fiat currencies, is that they are not issued by a government. Bitcoin is not issued by a government, so it is not responsible for debts incurred by governments.
Lummis said, “If we let the dollar go down, having the lessons of history in front of us and not taking action, we are truly irresponsible.
She clarified: “In the event that this eventuality arises, I want to make sure that non-fiat currencies – currencies not issued by governments, currencies not liable to political elections – can grow, can allow people to save, can be there in the event that we fail at what we know we need to do.
Noting that “There is no proof yet in the 21st century that we are going to fix things. Time and time again, in the United States House and Senate, time and time again, the presidents of both parties have accumulated debt irresponsibly, without any plan to address it, ”the senator said, adding:
So thank God for bitcoin and other non-fiat currencies, which transcend the irresponsibility of governments, including ours. It is an indictment of our responsibility… to tackle this imminent, predictable and massive problem.
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