US Senator Lummis Thanks God for Bitcoin as Congress Debates Raising the Debt Ceiling – Economy

“Thank God for Bitcoin,” said US Senator Cynthia Lummis in her speech to the Senate about raising the US debt limit. “Bitcoin is not issued by a government, so it does not refer to the debt accumulated by governments,” she explained.

US Senator in Congress: “Thank God for Bitcoin”

Senator Cynthia Lummis praised Bitcoin during her speech on the Senate floor last week about raising the US debt limit. The senator was 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 intensively discussing raising the debt limit, "almost no one is talking about the debt" itself. "We are approaching $30 trillion. If the spending that is done by the majority party and the Biden administration will definitely be over $30 trillion," she warned.

The Senator from Wyoming stated:

In the past, countries tended to decline when debt exceeded their gross domestic product.

Citing the Congressional Budget Office, which said in February that the national debt would exceed the country's GDP this year, the senator exclaimed: "The debt ceiling increase being discussed here is designed to allow more spending without addressing our debt ratio. We cannot continue like this. It is irresponsible at the deepest levels."

The senator warned: “We are rapidly approaching a time when we will no longer be able” to pay our debtors.

She went on to share:

One of the reasons I'm so interested in digital currencies, non-fiat currencies, is because they are not issued by a government. Bitcoin is not issued by a government, so it does not adhere to the debt accumulated by governments.

Lummis claimed: “If we drop the dollar, face the lessons of history and fail to act, we are truly irresponsible.”

She explained: "In the event that this emergency occurs, I want to make sure that non-fiat currencies - currencies that are not issued by governments, currencies that are not subject to political elections - can grow, can allow people to save in the event that we fail at what we know we have to do."

"There is no evidence in the 21st century that we will get this right. Time and time again, presidents of both parties in the U.S. House and Senate have irresponsibly increased the debt with no intention of addressing it," the senator described, adding:

So, thank God for Bitcoin and other non-fiat currencies that transcend the irresponsibility of governments, including our own. This is an indictment of our responsibility...to address this looming, foreseeable, massive problem.

What do you think of Senator Lummis' comments? Let us know in the comments section below.

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