Posted 8 months ago | by @devadmin

Senator-elect Cynthia Lummis believes that the events of 2020 has sent the overall economy into a downward spiral due to relief efforts for the pandemic and other underlying factors. Lummis further postulates that if the debt-driven traditional system collapses, Bitcoin will become needed and could save us.

“If we reach the point where we have overspent so much that things start crashing down, the black swan event occurs with regard to any fiat currency — whether it’s ours or yours or China’s or Japan’s — that there is a backstop available to every government in the world, and that backstop is Bitcoin,” Lummis told Peter McCormack during a recent episode of his podcast.

Since March, worldwide lockdowns have resulted in businesses’ closures and economic difficulties for millions of people. Economic problems have continued in the form of economic stimulus and health relief efforts for those infected by the virus.

Lummis wants to further Bitcoin adoption and education among her U.S. constituents and regulators. “I really want to use my time in the U.S. Senate in part to help introduce the topic of Bitcoin,” she said, explaining her desire to:

“Increase the understanding in the Senate about Bitcoin, what it is, what it does, how it can be an asset that can grow and develop as an adjunct, so basically alongside our fiat currency, and that it should be allowed a clear path and avenue — an interstate highway in fact — to grow and develop alongside our fiat currency.”

Bitcoin has its fixed supply, while the U.S. dollar’s financial skeletal system is based off of inflation, making devaluation of the greenback inevitable, Lummis stated during the interview, that/s exactly why Lummis owns Bitcoin herself. “I am a HODLer,” she said. “I only buy. I’ve never sold,” she added.

The now  Wyoming Senator-elect previously told Good Morning America similar words and that her expertise as a former state treasurer is why she believes in Bitcoin’s future as Bitboy Crypto reported.

Lummis additionally told Good Morning America that she “hopes to bring Bitcoin into the national conversation,” using her political position if elected.

Bitcoin is currently trading at {FIAT: $19,243.57] UP +1.0% in the last 24 hours according to Coingecko at the time of this report.