{"id":432979,"date":"2024-07-12T20:53:17","date_gmt":"2024-07-12T19:53:17","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=432979"},"modified":"2024-07-12T20:53:17","modified_gmt":"2024-07-12T19:53:17","slug":"senator-lummis-says-bitcoin-in-reserve-can-help-dollar-remain-strong","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/senator-lummis-says-bitcoin-in-reserve-can-help-dollar-remain-strong\/","title":{"rendered":"Senator Lummis says ‘Bitcoin in reserve’ can help dollar ‘remain strong’"},"content":{"rendered":"

Senator Cynthia Lummis<\/a> (R-WY) has asserted that incorporating Bitcoin<\/a> into the US financial system can strengthen the US dollar and help it maintain its global dominance.<\/p>\n

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:<\/p>\n

“Having Bitcoin in reserve can help the US dollar remain strong.”<\/p><\/blockquote>\n

Pro-Bitcoin agenda<\/h2>\n

Lummis reaffirmed her agenda in a subsequent social media post<\/a>, 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.<\/p>\n

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.<\/p>\n

Lummis also emphasized her support for financial freedom and said that being able to self-custody was an important part of it. She said:<\/p>\n

“We want to make sure people can have individual wallets for their Bitcoin so they have sovereignty over their own money.”<\/p><\/blockquote>\n

Lummis, a vocal supporter<\/a> 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.<\/p>\n

Bitcoin-backed dollar<\/h2>\n

Lummis' stance aligns with that of MicroStrategy chair Michael Saylor<\/a>, who responded to her on social media and similarly advocated for a Bitcoin-backed dollar<\/a>. He said that such a currency would uphold American values of privacy and property rights while strengthening the dollar.<\/p>\n

Saylor has made similar statements in the past and believes that Bitcoin represents a digital transformation<\/a> of the financial system. He also believes that Bitcoin is the “apex” asset and will “eat gold<\/a>” in the coming years.<\/p>\n

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.<\/p>\n

Former President Donald Trump has also reportedly discussed making Bitcoin a reserve asset<\/a> for the dollar and is slated to headline<\/a> the upcoming 2024 Bitcoin Conference. Trump has voiced strong support for the crypto sector in recent weeks and opposed the implementation of CBDCs due to privacy concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1250,"featured_media":344761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,1,79621,77968,77644],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nSenator Lummis says 'Bitcoin in reserve' can help dollar 'remain strong'<\/title>\n<meta name=\"description\" content=\"Senator Lummis said Bitcoin in reserve could help strengthen the dollar and maintain its dominance in the 21st century.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/senator-lummis-says-bitcoin-in-reserve-can-help-dollar-remain-strong\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senator Lummis says 'Bitcoin in reserve' can help dollar 'remain strong'\" \/>\n<meta property=\"og:description\" content=\"Senator Lummis said Bitcoin in reserve could help strengthen the dollar and maintain its dominance in the 21st century.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/senator-lummis-says-bitcoin-in-reserve-can-help-dollar-remain-strong\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-12T19:53:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/07\/cynthia-lummis-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Assad Jafri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Assad Jafri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/senator-lummis-says-bitcoin-in-reserve-can-help-dollar-remain-strong\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/senator-lummis-says-bitcoin-in-reserve-can-help-dollar-remain-strong\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#person\",\"name\":\"Assad Jafri\",\"url\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/assad-jafri\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/02\/cs-syed.jpg\",\"caption\":\"Assad Jafri\"},\"jobTitle\":\"Former Editor & Reporter\",\"description\":\"AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. 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