Wyoming Republican Senator Cynthia Lummis said she bought Bitcoin at the bottom. Yesterday, the Bitcoin rate for the first time since January of this year fell below $ 30 thousand. As of June 24, the quotes of the first cryptocurrency traded at $ 33.9 thousand. Over the past day they have grown by 5%. She added that she delighted with the purchase and will continue to invest in the cryptocurrency as its price declines. Lummis compared Bitcoin to United Rentals shares, which she also bought back during the fall in their quotations.
Lummis is an active supporter of the first cryptocurrency. She first bought Bitcoin in 2013 at a rate of about $ 300. Last week, she outlined the benefits of the asset. Thus, the senator believes that a digital asset could contain the devaluation of the US dollar and other fiat currencies.
“21 million Bitcoins will be mined and that’s it, this is a limited emission. Therefore, I am confident that it will become an important player as a store of value over time”, said Lummis.
She noted that she was always looking for a “good store of value” and Bitcoin fits this definition.
Cynthia Lummis’ position on Bitcoin
Last year, Lummis disclosed her investment in Bitcoin, calling it a great store of value. Then the representative of the highest legislative body appreciated the blockchain technologies and the deflationary model of the cryptocurrency.
Today the senator agrees – the Bitcoin market needs regulation rules. However, she adds, the rules should be simple and the same for everyone. Excessive restrictions will only stop the development of innovation in the new industry.
Cynthia intends to convey her position to her colleagues. Earlier this year, she launched the Financial Innovation Gathering to educate fellow legislators about Bitcoin and other cryptocurrencies. At the time, Lummis said she would be working with the congregation to address false stories about cryptocurrencies, including their links to money laundering and other financial crimes.
Lummis also commented on the recent wave of criticism of the energy consumption of Bitcoin, which often supported by sources that are harmful to the environment. According to Lummis, Bitcoin mistakenly criticized for being not green. Because, on the contrary, cryptocurrency is driving the creation of new renewable energy sources and their use in states such as its native Wyoming.
Digital assets are the future
The first changes in mood among officials are already visible. Thus, the Republicans, whose conservative wing Lummis belongs to, announced their intention to accept donations in Bitcoin, and Tom Emmer, representing the party, turned to the tax office with a request to relax the requirements for such operations.
Another important step is the recognition by Congress of the need to develop the digital dollar. A working group known as the Blockchain Caucus, or Fintech Task Force, was established by congressmen to study the issue. The importance of the development of “government cryptocurrencies” is also stated by the Bank for International Settlements, which oversees the activities of central banks.
The senator said the topic is a new and unexplored area and her team is working on it because the future involves the inclusion of digital assets in the US financial system.